For Consumers

Average rate increase of 8.9% approved for 2024 individual health insurance market

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September 13, 2023

OLYMPIA, Wash. — Fourteen health insurers have been approved to sell in Washington's 2024 individual health insurance market.  Insurers requested an average increase of 9.11% but 8.94% was approved. How much premium someone pays will depend on the plan they select, the number of people covered, their age, whether or not they smoke and where they live. 

"I'm relieved to see that our competitive health insurance market is continuing and that people in every county will have choices," said Insurance Commissioner Mike Kreidler. "But I'm deeply concerned at what these increases mean for individuals and their families. We need to do the hard work of getting at the underlying costs of health care. We know that several factors drive health care cost increases, including getting the timely care we need and the prices hospitals and health care providers are paid to deliver that care.  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.”  

As of July 2023, an estimated 220,059 were enrolled in the individual health insurance market. Approximately 192,085 people bought their coverage through the Exchange and more than 75% of them received some financial help to pay their monthly premium. The individual market is designed for people who do not get employer-sponsored health insurance.  

Premium changes are driven by increased utilization, including pent-up demand for elective surgeries, prescription drug costs and changes to what payments the insurers either owed or received under the Affordable Care Act's risk adjustment program.  This program stabilizes the market by spreading the financial risk across all insurers. It requires federally collected funds be redistributed from plans with lower-risk enrollees to plans with higher-risk enrollees.

Kreidler's office reviews the proposed rates for each plan to see if they're justified in relation to the benefits they're providing. If the proposed rate changes can be actuarially justified, his office is required by law to approve them.  

2024 Approved individual health insurance plans by county

Approved average rate change for Washington's 2024 individual health insurance market
Health insurance company Requested rate change Approved rate change Inside/outside Exchange, or both Estimated number of consumers effected*
Asuris Northwest Health  -3.39% -7.03% Outside 1,057
BridgeSpan Health Company  15.15% 16.35% Inside 1,092
Community Health Plan of Washington  2.50% -1.21% Inside 6,735
Coordinated Care Corporation  5.24% 4.92% Inside 56,003
Kaiser Foundation Health Plan of the Northwest 8.81% 7.29% Both 7,799
Kaiser Foundation Health Plan of Washington  17.9% 17.81% Both 54,253
LifeWise Health Plan of Washington 7.81% 7.79% Inside 25,955
Molina Healthcare of Washington, Inc.  6.41% 6.50% Inside 41,112
PacificSource Health Plan 7.15% 8.49% Both 3,917
Premera Blue Cross 15.83% 17.20% Inside 13,786
Providence Health Plan 4.69% 4.69% Outside 228
Regence BlueCross BlueShield of Oregon 6.51% 8.40% Both 5,146
Regence BlueShield 4.54% 4.40% Both 22,776
UnitedHealthcare of Oregon, Inc.  2.76% -0.47% Both 4,370

Approved average* rate change

*based on weighted enrollment

  8.94%   *The most recent number of enrollees available during the rate filing reviewing period.

See rate changes in the individual health insurance market from 2016-2023. 

a colored bar chart showing average requested and approved health rate changes