WA | The DC Department of Insurance, Securities and Banking (DISB) announced the 2024 approved individual and small business health insurance rates. As a result of the Department’s review, half of the insurers decreased their initial rate proposals, which will save District residents almost $3 million.
“Under the leadership of Mayor Bowser, the Department of Insurance, Securities and Banking is working to ensure fair rates and non-discriminatory coverage,” said DISB Commissioner Karima Woods. “This year, the agency conducted a thorough review of 188 small group plans and 27 individual plans to make sure that they meet the District’s standards and provide non-discriminatory, accessible and affordable health insurance for all DC residents.”
Rates will increase overall by 7.8% for individual coverage and by 8.5% for small group coverage. The Department reviewed 215 proposed health plan rates for 2024 from CVS/Aetna, CareFirst BlueCross BlueShield, Kaiser Permanente and United Healthcare. The new rates were approved after the Department considered input from insurers, government and non-profit organizations, and testimonies provided by consumers and actuaries during an August 24 public hearing. At the hearing, actuaries presented their findings and members of the public had an opportunity to share their stories and discuss the proposed 2024 rates.