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| IHC Historical Rate Information and Loss Ratio Reports |
| Rate Information |
The information below sets forth the premium rates for standard health benefits plans at the end of each calendar year. All rates shown are monthly premiums, except for 1993, which shows quarterly rates for several carriers. Premium rates shown for Basic & Essential plans (beginning in 2006) are illustrative only.
Some carriers’ names have changed over time. The charts include the names of carriers as they existed on the date that the rates were filed.
In reviewing the data, direct comparisons from the inception of the IHC Program may not be possible because:
- IHC Standard Plans have changed over time, except for the HMO Standard $15 Copay Plan
- The carriers offering standard plans (and now Basic & Essential plans) have varied over the years
- Some changes in the governing laws have occurred
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| IHC Historical Rate Information |
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| Loss Ratio Reports |
New Jersey law requires that carriers have a minimum 80% loss ratio for their standard health benefits plans in the IHC market on an annual basis. (Prior to 2009, the minimum loss ratio was 75%.) If a carrier does not meet the minimum loss ratio requirement, the carrier is required to provide a refund (or credit) to policyholders to achieve the minimum loss ratio for the calendar year. Note that the New Jersey minimum loss ratio requirement and the federal Medical Loss Ratio (MLR) requirement are different, and these reports should not be used for purposes of determining a carrier's compliance with the federal MLR requirement. |
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