Washington State: Final Unsubsidized 2025 #ACA Rate Change: +10.7% (updated)

Mon, 09/23/2024 - 1:27pm

Originally posted 5/29/24

OLYMPIA, Wash. — Thirteen health insurers filed an average requested rate increase of 11.3% for Washington's individual health insurance market. The proposed plans and their rates are currently under review and final decisions will be made this fall.

"I recognize that any proposed increase in price is deeply upsetting to those struggling to pay for coverage today,” said Insurance Commissioner Mike Kreidler. “People should know that these rates are not final and my office will be carefully reviewing each request to validate the assumptions being made by our state’s insurers. We will do everything under our authority ensure that any rate changes are justified."

The Office of the Insurance Commissioner was directed by the state legislature to study various policy ideas that could lower the overall cost of health care. The final report with recommendations is due August 1.

People who do not get health insurance from their employer shop for health plans in the individual market. Financial subsidies that help lower monthly premiums are available, based on income, through Washington's online health insurance marketplace.

An estimated 255,784 people in Washington are currently enrolled in health plans through the individual market.

See proposed health insurance and plans by county (PDF, 192.81 KB)

Total enrollment according to the table breaking out all the carriers is higher at over 284,287. I'm not sure what accounts for the 28,503 discrepancy.

The most noteworthy thing this year is that it looks like PacificSource Health Plans is dropping out of Washington's individual market.

UPDATE 9/23/24: The Washington DOI has posted the final/approved rate changes for 2025 for the individual market, and I've also managed to acquire the preliminary filings for the small group market via the SERFF database. Only minor changes for most of the carriers, and there's two off-exchange only carriers whose final changes are pending. Neither of them has more than 1,000 enrollees, however, so it wouldn't move the needle much anyway. The final weighted average is 10.6%, though the WA DOI puts it at 10.7%.

For the small group market, several carriers are dropping out next year including Aetna, Health Alliance Northwest and, again, PacificSource. On the other hand, Premera Blue Cross is launching a new HMO division to the small group market: 11.8% average rate increases overall.