Despite the struggles experienced by other states, New Hampshire has confidently stated that their insurance market is “going quite well.” The state’s Insurance Department Commissioner, Chris Nicolopoulos, highlighted the success of New Hampshire’s market during a recent annual State of the Insurance Market presentation.
Nicolopoulos pointed out that New Hampshire has a competitive insurance market with a variety of carriers offering different options to consumers. He also emphasized that the state has a lower uninsured rate compared to the national average, with only 3.5% of residents lacking health insurance.
Additionally, the commissioner highlighted the stability of the state’s health insurance premiums, with only a modest increase of 1.4% in the individual market for 2021. This stands in stark contrast to the sharp increases experienced in other states across the country.
New Hampshire’s success in the insurance market can be attributed to several factors, including the state’s efforts to expand Medicaid and improve access to healthcare services. The commissioner also credited the state’s robust regulatory framework for maintaining a competitive and stable insurance market.
Despite the overall positive outlook, Nicolopoulos acknowledged that there are still challenges facing the insurance market, such as rising healthcare costs and the impact of the COVID-19 pandemic. However, he expressed confidence that New Hampshire’s insurance market is well-positioned to navigate these challenges and continue to thrive.
Overall, New Hampshire’s insurance market is a shining example of success in a time when many other states are struggling. With a competitive market, low uninsured rate, and stable premiums, New Hampshire is leading the way in ensuring access to quality insurance coverage for its residents.
Source
Photo credit news.google.com