The Idaho Department of Insurance projects 2020 premium rates will increase by an average 6% in the individual insurance market and 4% in the small group market.
“The cost of individual health insurance is too expensive,” said Director Dean Cameron. “Although the rate of increase is smaller this year, a 6% increase on an expensive health plan is still an expensive plan, especially if you do not receive a subsidy. That is why we continue to push for more affordable products and additional insurance choices, which hopefully will be available by open enrollment.”
Health insurance companies submit their proposed rate increases in the spring, and the Department works with carriers to evaluate these proposals. The Department’s only authority is to deem a proposed rate increase as “unreasonable” and cannot simply disapprove rates.
Rate increase proposals are based on claims experience, premiums, network provider agreements and other costs. The Department recommends consumers work with a licensed agent to help evaluate the various plan options.
Six carriers are offering a total of 116 medical plans and 13 dental plans for the coming year on the state’s health insurance exchange. Open enrollment for Your Health Idaho in 2020 begins November 1 and ends December 16.
You can find full details here.