The Benefits Academy
  • Home
  • Products
  • WA State Long Term Care
    • The TBA Alternative
    • More LTC Info
    • LTC Calculator
  • Our Story
    • Fan Page
  • Blog
  • Contact
  • Agent Login

Benefits Bites

2022 Individual Plans

11/19/2021

0 Comments

 
Picture
We have all the latest info on rates and county coverage for individual plans in Washington State in 2022.

of The Washington State Office of the Insurance Commissioner (OIC) released approved 2022 rates for all 15 of the individual carriers currently offering options in the state. This is one of the least volatile years in terms of carriers offering benefits, and in which counties they have elected to provide their plans. While requested increases ranged from -5.8% to 29.0%, the final approvals are between -8.3% to 17.9%.
 
Carriers Approved
Of the 15 individual carriers, most finalized their plans at or below their requested rate adjustment. Of note are a few carriers whose final rates were actually higher than first proposed. This includes Coordinated Care (1.9% uptick), Molina (1.1%), and PacificSource (0.5%).

The highest overall increases are being imposed by Premera Blue Cross (17.9% overall increase) and Molina (8.3% overall increase). 

See our 2022 Individual Rate Tracking spreadsheet for more in depth information about each carriers’ requested increase and final approvals.
 
Changes to County Coverage
A long list of carriers will be offering their coverage to more counties this coming year. 
  • Community Health Plan – adding Benton, Franklin, Jefferson, King, Lewis, Mason, Snohomish, Thurston, and Walla Walla
  • Coordinated Care – adding Klickitat and Pacific
  • Health Alliance NW – adding Okanogan
  • Lifewise of WA – adding Skamania and Wahkiakum
  • Molina – adding Benton, Cowlitz, and Franklin
Premera Blue Cross is the only carrier that requested to discontinue offering plans in certain service areas, which will affect Skamania and Wahkiakum counties.
​
All counties will have at least 2 carrier options as we head into 2022. Spokane and Pierce counties continue to have the most carriers available (9), and this coming year King and Thurston join them. A full summary of carrier offerings by carrier and county can be found here.
 
Comparing 2022 to Past Years
2022 individual renewal increases range from an 8.3% decrease to a 17.9% increase. With the exception of Premera’s increase, the rest of the carriers are in line with the range of rate changes over the past few years.
Picture
Of note in the filings are the annual cumulative carrier gains/losses in the individual market overall. The carriers evaluate the prior calendar year’s data when setting their rates. For example, the 2022 rate filings were based on the 2020 calendar year. 
  • Cumulative Gain/Loss in 2020     $102,348,384 GAIN
  • Cumulative Gain/Loss in 2019     $207,487,632 GAIN
  • Cumulative Gain/Loss in 2018     $131,815,624 GAIN
  • Cumulative Gain/Loss in 2017     $  74,370,641 LOSS
  • Cumulative Gain/Loss in 2016     $150,053,341 LOSS​

The Bottom Line
For the third year in a row, we are able to enter the new year with a stable individual medical market, with each county having 2 to 9 carriers to choose from. This is a far cry from where we were in 2017 and 2018.

Be Benefits Informed
At The Benefits Academy, our mission is to bring you tools and resources to help you be a more effective benefits professional. We have a number of free offerings to keep you up to date:
  • Subscribe to our Benefit Bites eNewsletter. Twice a month we are sharing industry news, events and the latest tools and resources, including Monthly Free Resources
  • Follow us on LinkedIn and Twitter or like us on Facebook for the latest breaking news.
0 Comments



Leave a Reply.

    This section will not be visible in live published website. Below are your current settings:


    Current Number Of Columns are = 1

    Expand Posts Area =

    Gap/Space Between Posts = 10px

    Blog Post Style = card

    Use of custom card colors instead of default colors =

    Blog Post Card Background Color = current color

    Blog Post Card Shadow Color = current color

    Blog Post Card Border Color = current color

    Publish the website and visit your blog page to see the results

    About Sandy

    I love numbers.  I'm a math geek. I read benefits industry articles and periodicals for relaxation (but, honestly, I'm still a fun gal).  I also like to share what I've learned and you'll find it all here.

    View my profile on LinkedIn

    Archives

    September 2022
    July 2022
    December 2021
    November 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    November 2016
    October 2016
    September 2016
    August 2016
    June 2016
    May 2016

    Categories

    All
    2017
    2018
    2019
    2020
    2021
    2022
    2023
    ACA
    ACA Lawsuits
    ACA Reporting
    ADA
    Aetna
    Age-banded Rates
    AHP
    Ambetter
    Association Health Plans
    Associations
    Asuris
    Balanced Billing
    Benefit Bites
    Benefits Coordination
    Biden Administration
    Bridgespan
    Bridge Span
    Busy Season
    Carrier Corner
    Carrier Exit
    Cascade Care
    CMS
    COBRA
    Community Health Plan
    Community Rated Plans
    Compliance Notices
    Continuation
    Conversion
    Coordinated Care
    Coronavirus
    Cost Sharing Programs
    Cost Sharing Reduction
    Data Match
    Dependents
    Direct Primary Care Programs
    Disability Insurance
    Domestic Partners
    EIDL
    Executive Order
    Facility Fees
    Facility Scope Creep
    FAIR Health
    FFCRA
    FSA
    Group Health
    Group Life
    HDHP
    Health Alliance NW
    Healthnet
    Health Savings Account
    Heart Health
    HRA
    HSA
    ICHRA
    Individual
    Individual Coverage Health Reimbursement Arrangement
    Individualized Medicine
    Individual Mandate
    Individual Penalty
    IRS
    Kaiser
    Kaiser NW
    Kaiser WA
    Life Insurance
    Lifewise
    Long Term Care
    Long Term Care Services And Support Trust Act
    Mandate
    Medicaid
    Medicare
    Medicare For All
    Micro Group
    Moda
    Molina
    Monthly Freebies
    Networks
    Nondiscrimination Testing
    Notice Requirements
    Paid Family & Medical Leave
    Pandemic
    Part D
    Partnership
    PCT Updates
    Penalties
    PFML
    Pharmacogenomics
    Plan Comparison Tool
    Portability
    PPO Networks
    PPP
    Premera
    Prescription Assistance Programs
    Pre-Tax Premiums
    Providence
    PTO
    Public Option
    QSEHRA
    Rates
    Referenced Based Pricing
    Regence
    Regence OR
    Reinsurance
    Renewals
    Repeal
    Risk Adjustment
    Risk Corridor
    Rx Copay Accumulator Programs
    S-Corp
    Section 105(h)
    Section 125
    Section 79
    Self Funded
    Self-funded
    Short Term Medical Plans
    Single Payer
    Small Employer Health Credit
    Small Group
    Social Distancing
    Stimulus
    Subsidies
    Tax Credits
    Trump
    Trust Plans
    Uninsured
    United Hea
    United Healthcare
    Vetted Vendor
    WA Cares
    WA LTC
    WA OIC
    Washington State
    Wellness Program

    RSS Feed

Services

Products
Resources

Company

Our Story
Blog
​Fans

Support

Contact
​Agent Login
© COPYRIGHT 2020. ALL RIGHTS RESERVED.
  • Home
  • Products
  • WA State Long Term Care
    • The TBA Alternative
    • More LTC Info
    • LTC Calculator
  • Our Story
    • Fan Page
  • Blog
  • Contact
  • Agent Login