12 insurers approved for 2023 Exchange medical health insurance market, 8.18% average rate change

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September 14, 2022

OLYMPIA, Wash. – Twelve health insurers are approved to sell plans in Washington’s 2023 Exchange medical health insurance market. The typical rate increase is 8.8%.  Plans from two additional health insurers (Asuris Northwest Health and Windfall Health Plan) are still under review on the market outside of the Exchange.

Key drivers behind this yr’s premium changes are increased utilization, including pent-up demand for elective surgeries and changes to what payments the insurers either owed or received under the Inexpensive 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. Insurers must estimate these amounts after they file their requests in June and the amounts are adjusted once the ultimate calculations are made later in the summertime. 

“Greater than 200,000 people in Washington state get their health coverage through our individual market,” said Insurance Commissioner Mike Kreidler. “It’s critical they’ve selections for meaningful and inexpensive coverage, and I’m pleased to see our market doing so well. I do know that premiums and cost-sharing are still high for a lot of, especially those that don’t qualify for subsidies, and we want to do more to deal with the underlying costs of health care.”

Individuals who don’t get medical health insurance coverage from their employer shop for insurance in the person market. Premium subsidies can be found, based on income through Washington’s Exchange, Wahealthplanfinder.org.  Additional financial subsidies were available under the federal American Rescue Plan Act of 2021 and helped greater than 60,000 people afford coverage last yr. This assistance will proceed through 2025 on account of the recently passed Federal Inflation Reduction Act. 

An estimated 219,112 people in Washington are currently enrolled in health plans through the person market. As of June 2021, Washington’s uninsured rate was 5.2%.

See approved Exchange health insurers and plans by county (PDF, 192.41KB). 

2023 Approved average rate changes for health insurers selling in Washington’s Exchange 

Insurer

Average rate change requested

Average rate change approved

Inside/Outside Exchange, or each

Bridgespan Health Company 

16.10%

15.68%

Inside

Community Health Plan of Washington 

Latest plans

Latest plans

Inside

Coordinated Care Corporation

-1.23%

-3.50%

Inside

Kaiser Foundation Health Plan of the Northwest

3.70%

5.22%

Each

Kaiser Foundation Health Plan of Washington 

4.50%

6.99%

Each

LifeWise Health Plan of Washington 

12.51%

16.05%

Inside

Molina Healthcare of Washington, Inc.

8.69%

10.02%

Inside

PacificSource Health Plan

15.41%

15.48%

Each

Premera Blue Cross

9.66%

10.08%

Inside

Regence BlueCross BlueShield of Oregon

4.52%

0.42%

Each

Regence BlueShield

13.71%

12.83%

Each

UnitedHealthcare of Oregon, Inc.

15.26%

15.28%

Each

Approved average* rate change

*Based on weighted enrollment 

7.14%

8.18%

 

 

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