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Insurers tell lawmakers prescription drugs, hospitals and specialty care are driving premium growth
Summary
Insurer representatives told the committee that rising hospital and prescription drug costs — particularly specialty drugs — are the main drivers of premium increases and that insurers' medical loss ratio constrains how premium dollars can be used.
Representatives of PacificSource, Regence and Moda Health told the House committee on Jan. 23 that prescription drug spending and rising hospital costs are the major drivers of premium increases and that insurers have limited tools to contain those costs without broader policy changes.
Mary Anne Cooper, director of government relations for Regence Blue Cross Blue Shield of Oregon, said drug costs grew substantially in recent years. She cited 2022–2023 national increases of about 15% in drug costs and said new drugs…
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