Idaho individual health insurance rates up 5 percent

The Idaho Department of Insurance has released final 2019 premium rates for individual and small group health insurance plans.

Individual market plans will increase an average of 5 percent. That is a significant reversal of the double-digit increase Idahoans have faced for the past three years and slightly lower than the 8 percent increase health carriers proposed last spring.

Idaho has averaged a 24 percent-per-year increase from 2016 to 2018, including a 27 percent spike last year.

The published rates are available here.

Health insurance companies submit their proposed rate increases in the spring and the Department of Insurance works with carriers to evaluate them. The department’s only authority is to deem a proposed rate as “unreasonable.”

Rate increases are based on claims-experience, premiums, network provider agreements and other costs.

“Although I wish I could report no increase, I am thankful that the Department was able to work with the carriers in reducing the proposed increase,” said Director Dean Cameron. “I and the Department are continuing our efforts to offer more affordable health insurance products.”

Open enrollment for 2019 begins November 1. The state’s insurance exchange is Your Health Idaho.

This year, four carriers are offering a total of 293 plans, including three carriers providing statewide coverage.

Some consumers may be eligible for assistance covering premiums, out-of-pocket costs and deductibles.

The Department of Insurance recommends consumers work with a licensed agent to help evaluate their various plan options.