Utah: *Final* avg. unsubsidized 2024 #ACA rate changes: +11.4%; Aetna & Imperial joining indy market

Originally posted 8/18/23

Utah's preliminary 2024 individual and small group market rate filings are listed below. They launched a handy new website specifically dedicated to insurance filings, which is nice to see.

Unless there's a change in the final/approved rates, unsubsidized individual market plan premiums are increasing by around 11.4% in 2023, while small group plans will go up 10.5% on average (caveat: I had to estimate the actual enrollment numbers for two of the small group carriers, so the weighted average may be slightly off). Both market hikes are significantly higher rate increases than they were last year.

I should note that both Aetna and Imperial Health appear to be newly entering the Utah individual market next year.

UPDATE 10/04/23: The Utah Insurance Dept. has published approved rates for all individual & small group market carriers with one exception (Molina is still listed as "submitted," but they only have 0.6% of the total market anyway so any dramatic change to their final rates would be a rounding error at most statewide).

Overall most of the filings were accepted as is, although a couple saw significant changes: BridgeSpan had their 6.7% increase nearly doubled to 12.1%, while Regence BCBS was shaved down slightly, from 9.2% to 8.8%.