The 2023 initial individual health insurance rates in Washington State have just been released. They also had to deal with the increased Covid-19 costs, so the rate increases could have been much worse (as they are in other states). Trying to give some good news. There is one carrier AM Better that is proposing a rate decrease and most carriers are not boosting it that much. It really depends on your individual situation for which carrier works best for your needs, doctor network and hospital facilities you want to have access to.
For the year 2020 and 2021 the stimulus package passed by congress dramatically increased tax credits for those getting them. At this time it is not looking like congress will pass another stimulus funding package, so be aware that your price with tax credits for 2023 is likely to dramatically increase. Wanted to give you a heads up! Please plan accordingly for a large price increase if you are getting tax credits in 2022.
In general we recommend most people to stay on the same carrier from year to year unless there is a specific situation of having more or less expenses or changing doctors or hospital networks. We will reach out closer to Open Enrollment with more information on carrier changes. Open Enrollment is from Nov 1st to Dec 15th for a January 2023 start date.
Proposed 2023 Individual Health Insurance Rate Increases:
- Premera 9.7%
- Regence 13.7%
- LifeWise 12.5%
- AM Better -1.2%
- Molina 8.7%
- Kaiser Permanente 4.5%
However, this does not take into account your age change. We all get one year older each year, yes it’s true, and that also causes the price to increase until you turn 65 and need Medicare. We can also help with Medicare. If you have any questions please give us a call at 425-802-2783.
Gary Franke & Tamara Chandler
Independent Broker
Achieve Alpha Insurance LLC
12505 Bel-Red Rd, Ste 106
Bellevue, WA 98005
425-802-2783 (call or text office line)
health@achieve-alpha.com
www.achieve-alpha.com