BOISE - Final 2020 premium rates for individual and small group health insurance plans have been released by the Idaho Department of Insurance.
Plans will increase by an average of 6 percent in the individual market, which is a significant reversal in the double-digit rate increases Idahoans faced for several years, and 4 percent in the small group market, which is consistent with prior years.
“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.”
Open enrollment for 2020 begins November 1, with six carriers offering a total of 116 medical plans and 13 dental plans for the coming year. Many consumers are eligible for assistance covering premiums, out-of-pocket costs and deductibles when purchasing through Your Health Idaho.
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.