CMS lets payers temporarily reduce 2020 premiums

Morgan Haefner| Aug 05, 2020

CMS said Aug. 4 that it will allow health insurers to temporarily lower premiums for members in the individual and small group markets to help Americans who are facing financial hardship amid the COVID-19 pandemic.

Under current regulations, health insurers can’t change premiums for their plans after the start of the benefit year.

The new policy will allow health insurers to lower premiums for a few months this year, if state law allows it as well. The change is effective through the end of 2020.

Source: Beckers Healthcare