13 insurers authorized to sell health insurance to small businesses in 2024

November 8, 2023

OLYMPIA, Washington. Thirteen health insurers were approved to sell group health plans to small employers in 2024. Insurers requested an average premium increase of 8.30%, but only 8.02% were approved. The new rates will come into effect after January 1, 2024, upon renewal of the employer plan.

Nationally, 50% of small employers offer health insurance to their employees (KFF.org). Since 2017, the average premium for an individual employee has almost doubled, from $678 to $1,214. Employers pay on average between $5,400 and $5,164 on top of the employee share to provide coverage to their workers.

“I’m grateful to small businesses who are trying to do the right thing by providing coverage to their employees,” said Insurance Commissioner Mike Kreidler. “I know this is a difficult financial decision for many businesses and any increase in premiums makes it even more difficult. We have good competition with over 10 insurers participating in the market, but just like the individual health insurance market, we need to address the underlying problem. factors that increase health care costs. The Legislature considered several bills earlier this year that would increase competition in the health care sector and target rising health care costs. To help advance these bills, we will present a report in December that will highlight what Washington’s health care business looks like and offer additional policy options.

Find out which insurers sell small group health plans by county.