Healthcare Industry News > Health insurance providers in Seattle announcing large premium rate increases

Health insurance providers in Seattle announcing large premium rate increases

One of the insurance companies announcing an increase is Premera LifeWise Health Plan of Washington which sent notifications to its 90,000 members that their premiums would be going up by 22.5% starting January 1, 2008. They explain the increase is necessary because their medical expenses for members will be increasing $27 million next year. Regence, another large health insurance provider in the area, announced a 19% rate increase starting in the new year after an earlier increase in July.

LifeWise argues that a portion of the increase in expenses - about $5 million - will go towards the costs of complying with state laws requiring coverage for mental health treatments. Only about 2 cents per every dollar goes for profits while the majority of the premiums collected pays for actual medical costs for plan members.

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