SEATTLE (AP) — The board for Washington’s health-insurance exchange has approved an average rate increase of 24 percent, the largest premium increase since the exchange began in 2013.
The Washington Health Benefit Exchange board approved the rate increase this week.
The Seattle Times reports about 180,000 customers will be affected.
Health exchange spokesman Michael Marchand said the increase is primarily due to rising costs for prescription drugs.
“We at the exchange understand that, yes, this is going to create a challenging environment that is going to be difficult” for customers, Marchand said.
Marchand said also impacting the exchange are the unknown future of the individual mandate, which requires people to be insured, and not knowing if the federal government will continue to pay cost-sharing payments to insurers.