Washington's Office of Insurance Commissioner approved nine health insurance companies to sell small business health plans in 2027, with an average rate increase of 16.7 percent, the state announced Friday.
The nine insurers had requested an average rate increase of 16.5 percent. The commissioner approved a slightly higher increase of 16.7 percent based on an actuarial review of each company's financial projections.
Most of the proposed rate increase is attributed to rising healthcare costs. Insurers determine their rate changes based partly on anticipated future costs, including expectations about how many people they will cover, their age and health status, and the expected increase in healthcare service costs.