Fourteen health insurers have submitted requests for an average rate increase of 9.11% to Washington’s individual health insurance market, according to an announcement made on May 30, 2023. The proposed plans and their pricing are currently under review, with a final decision expected this fall.
Insurance Commissioner Mike Kreidler stated that about 250,000 people in Washington state have health insurance through the private marketplace, and he is pleased to see competition among insurers. Kreidler added that they would scrutinize the demands and assumptions made by the insurers in the coming months to assess whether the rate changes are justified.
For individuals who don’t have health insurance through their employer, health insurance is purchased from the private market. Income-based subsidies to reduce monthly premiums are available to residents through Washington’s online health insurance marketplace: www.wahealthplanfinder.org.
The estimated 2024 Washington Individual Health Insurance Market Rate Change Proposed Health Insurance Company Request Rate Change On/Off Exchange is as follows:
Asuris Northwest Health: -3.39%
BridgeSpan Health Company External: 15.15% In-Community
Washington State Health Plan: 2.50% Within
Coordinated Care Corporation: 5.24% Within
Northwest Kaiser Foundation Health Plan: 8.81% Both Within
Washington Kaiser Foundation Health Plan: 17.9% Within
Lifewise Health Plan: 7.81% Within
Molina Health Care: 6.41%
PacificSource Health Plan: 7.15% Both
Premera Blue Cross:15.83%
Providence Within Health Plan: 4.69% Outside
Regence BlueCross BlueShield of Oregon: 6.51% Both
Regence BlueShield: 4.54% Both
UnitedHealthcare of Oregon, Inc.: 2.76% Both
The average rate change request is 9.11% based on weighted enrollment %.