Washington : Approved Insurance Rate Increase Now
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The insurance commissioner for the state of Washington declared on Wednesday that a rate hike of 10.7% for residents purchasing insurance through the state exchange has been approved by his agency.
The modifications that will be implemented for the Washington 2025 Exchange health insurance market were disclosed by the office of Insurance Commissioner Mike Kreider.
In a press statement, Kreider stated, “I know this rate increase will hit hard for many people, especially at a time when other expenses are up.” “The rise in services used and the cost of providing that care is a major factor driving these rates.”
The 10.7% increase, Kreidler said, was somewhat less than the 11.3% increase asked for by the insurance firms.
“It will take some tough decisions to address the underlying costs of health care, but our health care system and consumers cannot afford to wait,” he stated in the press release.
He mentioned that last month, his office sent a study outlining potential policy changes’ effects on health care and insurance costs to the state Legislature.
He expressed hope that the Legislature would use the information to strive toward significant, practical changes to our healthcare system. “If we don’t take action now, these costs will not go down.”
The Office of Insurance Commissioner evaluates proposed insurance company rates and the rationale behind any increase or decrease on an annual basis. The rate hike for 2025 is a part of this process. State law mandates that the office grant the request if it is found to be justified.
According to the statement, a resident’s insurance payment options are determined by their income, the plan they choose, the number of individuals they insure, their age, whether or not they smoke, and where they reside.
Employees who do not receive health insurance from their companies are left to look for individual market health coverage.
About 259,454 individuals in the state were enrolled in health plans through the individual market as of July 2024, while 232,713 inhabitants were enrolled through the state exchange.
The group of 41,454 individuals enrolled by Molina Health Care of Washington, Inc. will have the least premium increase—just 5.7%.
Regence BlueShield will see one of the largest premium increases for its 28,361 insured individuals. There will be a 22.8% rise for them.
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