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
| 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.
