State Insurance Commissioner Approves 12 Health Insurance Providers for Individual Market; Two More Under Review [The Chronicle, Centralia, Wash.]

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Chronicle, The (Centralia, WA)

Sep. 14—The Washington state Insurance Commissioner’s office released a press release on Wednesday announcing 12 medical insurance providers had been approved to sell insurance in Washington’s 2023 Exchange medical insurance market.

The market is where individuals who don’t get medical insurance coverage from their employer shop for insurance. Two more providers are under review.

The typical rate increase is 8.8%. The foremost aspects behind the rise in rates are pent-up demand for elective surgeries and changes to the Reasonably priced Care Act’s risk adjustment program, which stabilizes the market by spreading the financial risk across all insurers.

“Greater than 200,000 people in Washington state get their health coverage through our individual market,” said Washington state Insurance Commissioner Mike Kreidler. “It’s vital they’ve decisions for meaningful and reasonably priced 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’d like to do more to deal with the underlying costs of health care.”

An estimated 219,112 Washington residents are enrolled in medical insurance plans through the person. As of June 2021, the uninsurance rate in Washington state was 5.2%.

The 12 insurance providers approved to sell medical insurance on the person market are: Bridgespan Health Company, Community Health Plan of Washington, Coordinated Care Corporation, Kaiser Foundation Health Plan of the Northwest, Kaiser Foundation Health Plan of Washington, LifeWise Health Plan of Washington, Molina Healthcare of Washington, Inc., PacificSource Health Plan, Premera Blue Cross, Regence BlueCross BlueShield of Oregon, Regence BlueShield and UnitedHealthcare of Oregon, Inc.

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