Healthcare Plans Could Rise Up to 8.9 Percent in WA

According to information released this week by the office of Washington State Insurance Commissioner Mike Kreidler, 14 companies will be allowed to sell plans for individual care in 2024 in WA state.

Insurers allowed to raise prices 8.9 percent

According the the Commissioner's office, the insurance firms had requested an increase of 9.11 percent but the office only allowed 8.94.

This does not guarantee that all of the providers will automatically raise rates by that amount, but that is what has been allowed. According to Kreidler's office, rates go up for the following reasons:

"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."    

However, his office also did not mention what role government regulations play in premium increases.

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The following companies will be selling policies in WA in 2024:

• Asuris Northwest Health
• BridgeSpan Health Company
• Community Health Plan of WA
• Coordinated Care Corporation
• Kaiser Foundation Health Plan of the Northwest
• Kaiser Foundation Health Plan of Washington
• LifeWise Health Plan of Washington
• Molina Healthcare of WA
• Pacific Source Health Plan
• Premera Blue Cross
• Providence Health Plan
• Regence Blue Cross Blue Shield Oregon
• Regence Blue Shield
• United HealthCare of Oregon Inc.

This information reflects the individual healthcare plan market.  According to Kreidler's office:

"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"