Idaho’s individual health insurance rates decrease for 2024
Friday September 29, 2023Contact: Julie Robinson, 208-334-4312
julie.robinson@doi.idaho.gov
BOISE, ID (September 29, 2023) – Final 2024 premium rates for individual and small group health insurance plans were published by the Idaho Department of Insurance on the Department website at doi.idaho.gov/consumers/health-insurance/idaho-rate-review/
Next year, individual market premium rates will decrease 1% on average, with one carrier decreasing rates by 13%. The Department publishes each insurer’s justification of their overall rate changes as well as county-specific tables showing the final age-40 rates for each of the plans that will be available for purchase starting October 15 for 2024 coverage.
“Idaho’s individual health insurance market premium rates for 2024 are decreasing while many other states are seeing increases,” said Director Dean L. Cameron. “This is thanks to Governor Brad Little and the Legislature’s support for our 1332 Waiver Application in 2022.” The 1332 State Innovation “Reinsurance Waiver” reduces the cost of individual market health insurance by offsetting the premium impact of high-cost health conditions.
In addition to lower rates for most individual health insurance plans, Idaho consumers will continue to have choices from 8 carriers when shopping for individual coverage. In 2024 SelectHealth, PacificSource Health Plans, Blue Cross of Idaho, Regence Blue Shield of Idaho, Mountain Health CO-OP, Molina Healthcare, Moda Health Plan, and St. Luke’s Health Plan, will offer health plans on Idaho’s exchange, Your Health Idaho. Similarly, 6 carriers will offer dental options again in 2024.
Open enrollment for 2024 begins October 15th and ends December 15th. Those seeking coverage can visit the state’s insurance exchange, Your Health Idaho, at yourhealthidaho.org, where a total of 154 medical plans and 21 dental plans can be compared and purchased. Many consumers are eligible for assistance covering premiums, out-of-pocket costs, and deductibles when purchasing through Your Health Idaho. The Department recommends consumers contact a licensed insurance agent for help evaluating the various plan options and eligibility for cost-savings.
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About the Department of Insurance
The Idaho Department of Insurance has been regulating the business of insurance in Idaho since 1901. The mission of the Department is to serve and protect Idahoans by equitably, effectively and efficiently administering the Idaho Insurance Code and the International Fire Code. For more information, please visit us at doi.idaho.gov or email us at consumeraffairs@doi.idaho.gov.