The Office of the Insurance Commissioner has approved rates for 2025. Washington state is looking at an average of 10.7% rate increase for 2025 for individual health insurance. For many people this will be a first look at what to expect before the Open Enrollment.
November 1 – December 15 for Health Insurance 2025 plans.
Why is this occurring?
The cost of care is a big factor in driving the costs. All the plans spent more than 80% of premiums on claims. The Affordable Care Act requires the insurance companies to either spend at least 80% on claims or else they have to issue rebate checks to the policy owners. A couple of the companies had significant risk adjustment payments that drove down their profitability as well. The Office of Insurance has made a five suggestions on how to lower the rates and we will see if the state legislatures respond.
How does it impact me?
It is important to shop your health insurance plans. Since you had a birthday then you know that the price went up. Also since we are dealing with an average, some plans may increase while others decrease to arrive at that average. If your tax subsidy is small then you will notice the increase more. If you qualified for a plan regardless of immigration status then you will notice the increase more because you don’t receive the federal subsidies.
Why setting an appointment early is important?
Suzie and Matt are seeing big changes for 2025 when it comes to Insurance.
- Massive Medicare Prescription Changes from Inflation Reduction Act
- Dreamers have a Special Enrollment starting November 1st
- Average increase of over 10% for individual health.
Medicare Annual Enrollment runs October 15th through December 7th.
Healthcare Open Enrollment runs from November 1st through December 15th for plans starting January 1st. (Enrollment of Dec 16 through Jan 15 has a starting date of Feb 1st!)
Suzie and Matt have been assisting people understand and enroll in health insurance for over a decade in Wenatchee. They do not charge fees and answer questions throughout the year.
Wenatchee insurance is a independent agency that offers a wide variety of products for our clients.
