Idaho Health insurance rates to see decline in coming year

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During a time when gas prices, grocery prices and everything else seems to be trending upward, one industry could provide some relief to consumers’ pocketbooks.

On Sept. 29, the Idaho Department of Insurance released a report detailing a decrease in health insurance coverage rates up to 13%.

The department stated that market premium rates will decrease 1% on average and one provider’s rates will drop 13%. Those prices will be reflected in plans available for purchase starting in mid-October for coverage in 2024.

“Idaho’s individual health insurance market premium rates for 2024 are decreasing while many other states are seeing increases,” said Dean L. Cameron, the director for the Idaho Department of Insurance. He added that the decrease is due the 1332 Reinsurance Waiver application that was put into effect last year. The waiver reduces the cost of individual health insurance “by offsetting the premium impact of high-cost health conditions,” a release state.

Consumers will have eight providers to choose from through the state insurance marketplace, Your Health Idaho, which includes 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. Additionally, six carriers will offer dental insurance.

Between all the insurance providers, there are 154 medical plans and 21 dental plans available.

Open enrollment runs from Oct. 15 to Dec. 15 and plans can be found at yourhealthidaho.org.