California individual insurance rates to increase 0.8%
SACRAMENTO, Calif. — Health insurance rates in California’s individual market will increase an average of 0.8% in 2020, the lowest increase in five years.
State officials announced the new rates on Tuesday, which still must be approved by state regulators.
Annual increases have averaged nearly 8% since 2014, when California began offering health insurance plans to individuals through a state-run marketplace in 2014 as part of former President Barack Obama’s health care law. Rates jumped last year after Republicans in Congress eliminated the nationwide tax on people who refuse to purchase health insurance.
State lawmakers voted last month to bring the tax back to California in 2020. Covered California Executive Director Peter Lee says that decision helped keep the increases lower.