November 8, 2023
OLYMPIA, Wash. — Thirteen health insurers have been approved to sell group health plans to small employers in 2024. Insurers requested an average premium increase of 8.30% but only 8.02% was approved. The new rates take effect after Jan. 1, 2024, when the employer's plan renews.
Nationally, 50% of small employers offer health insurance to their employees (KFF.org) Since 2017, the average premium for an individual employee has nearly doubled from $678 to $1,214. Employers pay an average of $5,400 to $5,164 on top of the employee share to provide their workers with coverage.
"I'm grateful to the small businesses that are trying to do the right thing by offering coverage to their employees," said Insurance Commissioner Mike Kreidler. "I know it's a difficult financial decision for many businesses and any premium increase makes it more difficult. We have good competition with more than 10 insurers participating in the market, but just like the individual health insurance market, we need to get at the underlying factors driving up health care costs. The Legislature considered several bills earlier this year that would strengthen competition in the health care industry and target increasing health care costs. To help move those bills, we’ll be delivering a report in December that will highlight what the business of health care looks like in Washington state and offer additional policy options.”
See which insurers are selling small group health plans by county.
|
Insurer |
Requested |
Approved |
People impacted |
|---|---|---|---|
|
Aetna Life Insurance Company |
7.43% |
9.91% |
1,434 |
|
Asuris Northwest Health |
1.59% |
4.69% |
6,288 |
|
Health Alliance Northwest Health Plan, Inc. |
9.72% |
10.48% |
543 |
|
Kaiser Foundation Health Plan of the Northwest |
8.79% |
8.85% |
8,672 |
|
Kaiser Foundation Health Plan of Washington |
20.26% |
18.57% |
21,064 |
|
Kaiser Foundation Health Plan of Washington Options, Inc. |
11.80% |
10.59% |
21,573 |
|
Pacificsource Health Plans |
9.44% |
11.96% |
1,223 |
|
Premera Blue Cross |
5.61% |
5.09% |
57,903 |
|
Premera Blue Cross HMO |
New |
New |
|
|
Regence BlueShield |
6.83% |
6.73% |
93,295 |
|
Regence Blue Cross Blue Shield of Oregon |
7.49% |
8.68% |
6,361 |
|
UnitedHealthcare Insurance Company |
8.97% |
8.97% |
12,743 |
|
UnitedHealthcare of Washington, Inc. |
9.62% |
9.62% |
44 |
|
Average* rate change approved *Based on weighted enrollment |
|
8.02% |
231,143 |