| 2021 health insurance premium rates released Final 2021 premium rates for individual and small group health insurance plans have been released by the Idaho Department of Insurance. Next year, premium rates will change by an average of 1 percent in the individual market and 6 percent on average in the small group market, with multiple carriers decreasing their rates. Each insurer’s justification of the 2021 increase or decrease amount is published alongside the rates by county on the Department website at: https://doi.idaho.gov/consumer/RateReview/. “We know the cost of health insurance is too expensive,” said Director Dean Cameron. “We are fortunate that, after negotiations with the companies, three of the five health insurers selling in the individual market will decrease their rates in 2021.” Idaho is one of a few states with five carriers in the market and has been implementing creative strategies to reduce costs and reduce the number of Idaho families priced out of coverage. Those strategies are at the beginning stages of demonstrating their effectiveness and is one of the impacts on the announced rates. Open enrollment for 2021 begins November 1st. Those seeking coverage can visit the state’s insurance exchange, Your Health Idaho, at https://www.yourhealthidaho.org/, with five health insurer’s offering a total of 136 medical plans for the coming year. Many consumers are eligible for assistance covering premiums, out-of-pocket costs and deductibles when purchasing through Your Health Idaho. Health insurers submit their proposed rate increases in the spring, and the Department works with them to review these proposals. Rate increase proposals are based on claims experience, premiums, network provider agreements and other costs. The Department recommends consumers work with a licensed agent to help evaluate the various plan options.
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