If you buy health insurance on the individual market, without help from an employer, you may want to know what Idaho is doing to protect you from unfair and unnecessary premium rate increases. Here’s a summary of the Idaho laws that govern rate increases.
- Idaho does not require insurers to obtain prior state approval of individual market rates before they go into effect.
- Non-profit insurers must file rates before use. Rates may not be excessive, inadequate, or unfairly discriminatory. Idaho Code 41-3420.
- Rates for managed care plans may not be excessive, inadequate, or unfairly discriminatory. Idaho Code 41-3915(6). Managed care policies and amendments to policies must be approved by the Director of the Department of Insurance and will be effective if not disapproved within 30 days of filing.
- Idaho does require prior approval of changes to individual market rating classifications. Idaho Code 41-5206; Idaho Administrative Procedures Act 18.01.72.036.
- Rate increases and rate filings are not publicly available.