CAHP Press Release – Covered California Announces 2024 Preliminary Rate Change and Enhanced Financial Support For Consumers

Covered California today announced preliminary health insurance rates for 2024, citing an average statewide rate change of 9.6 percent. Covered California and its partnering health plans have kept the average annual rate increase over the past five years to just 3.6 percent, with Californians in the individual market benefiting from among the lowest average rate increases in the nation, Covered California said.

CAHP Fact Sheet: Top Cost Drivers of 2024 – Health Plan Premiums

California’s Health Plan premium costs in 2024 will be driven by several factors across the individual and small group marketplaces, particularly: continued inflation driving increased provider reimbursement rates, health plans taking on more of the costs of COVID-19 vaccines and tests, uncertainty around Medi-Cal “redetermination”, and the continued rise in drug prices especially from emerging weight loss drugs and other specialty drugs.