Idaho insurance rates announced
BOISE, Idaho (KIFI/KIDK)-Idaho health insurance premium rates will change by an average 1% in the individual market and 6% in the average small group market, with multiple carriers actually decreasing their rates next year.
The Idaho Department of Insurance announced rates Friday for individual and small group health insurance plans in 2021.
As part of the report, each insurer’s justification of increases or decreases in 2021 premiums is published along side the rates by county.
“We know the cost of health insurance is too expensive,” said Director Dean Cameron. “We are fortunate that, after negotiations with the companies, three of the five health insurers selling in the individual market will decrease their rates in 2021.”
Idaho is among the few states with five carriers in the market and has been implementing creative strategies to reduce costs. Cameron said the state is also working to reduce the number of Idaho families priced out of coverage.
Open enrollment for 2021 will begin November 1. If you are looking for coverage, visit the state’s insurance exchange at Your Health Idaho. Five insurers are offering a total of 136 medical plans next year. Assistance is available to many consumers who need assistance covering premiums, out-of-pocket costs and deductibles, when purchasing through Your Health Idaho.
Health insurers submit their proposed rate increases in the spring, and the Department works with them to review these proposals. 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.
