Sticker shock WA health insurance buyers confront steep price hikes

Health insurance premiums for about 300,000 Washingtonians are projected to increase by an average of 21% next year as federal tax credits are set to expire. Open enrollment for health plans begins on Nov. 1, and existing customers will be automatically renewed unless they opt to explore new options. Washington officials express concern that without congressional action to extend the tax credits, many residents may abandon their coverage. Insurance companies have submitted two sets of proposed rate increases to the state insurance commissioner—one with the tax credits and one without.

If Congress acts to extend these subsidies, the commissioner may approve the lower rates. Local officials highlight that the expiration of these credits could force 80,000 residents to forgo coverage, with potential annual savings of $1,330 for enrollees. Premium increases vary significantly by county, with Yakima County facing a staggering 133% hike. U. S.

Senator Maria Cantwell emphasizes the dire choices faced by constituents: pay much more, downgrade coverage, or go uninsured.