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office of the insurance commissioner mike kreidler
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12 insurers approved for 2023 Exchange health insurance market, 8.18% average rate change
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"Media contact: Public Affairs, (360) 725-7055"
September 14, 2022
OLYMPIA, Wash. ? Twelve health insurers are approved to sell plans in Washington's 2023 Exchange health insurance market. The average rate increase is 8.8%.? Plans from two additional health insurers (Asuris Northwest Health and Providence Health Plan) are still under review for sale outside of the Exchange.
Key drivers behind this year's premium changes are increased utilization, including pent-up demand for elective surgeries and changes to what payments the insurers either owed or received under the Affordable Care Act's risk adjustment program.? This program stabilizes the market by spreading the financial risk across all insurers. It requires federally collected funds be redistributed from plans with lower-risk enrollees to plans with higher-risk enrollees. Insurers must estimate these amounts when they file their requests in June and the amounts are adjusted once the final calculations are made later in the summer.?
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