Washington's insurance commissioner approved a 22.2% rate increase for individual health plans sold on the state's insurance exchange, the Insurance Commissioner said.
Thirteen health insurers have been approved to sell coverage on Washington's Exchange in 2027. Insurance companies had requested a 22.4% rate change, but regulators determined 22.2% was actuarially justified based on expected costs.
Health insurers base rate changes on factors including how many people they expect to cover, their age and health status, and anticipated costs of health care services. The uptick for 2027 is due mainly to increases in basic health care costs and more robust health care needs among individuals covered by the plans.
State law requires the Insurance Commissioner to approve rate increases when insurance companies demonstrate the change is justified.