McKinsey - Individual Health Insurance 2023 Report

The report provides valuable insights into the individual health insurance market in 2023. One of the key findings is that national insurers have improved their price position, offering the lowest premiums for silver plans to 20% of consumers in the individual market. On the other hand, insurtechs have experienced a decrease in price leadership, with only 2% of consumers finding them to be the price leader for silver plans. The analysis also highlights that Medicaid plans continue to maintain the highest proportion of price leadership, offering the lowest-cost option for 30% of consumers. Blues plans, on the other hand, offer the lowest-cost option for 25% of consumers. It's important to note that the data in this report may differ slightly from previous years due to additional preprocessing steps, data refreshment, and consistent accounting for mergers and acquisitions activity. Additionally, the analysis excludes certain counties in New York due to data availability limitations. The pricing analyses in the report are based on on-exchange plans only, and off-exchange pricing data is not included. The calculations for premium changes were specifically done for a 27-year-old nonsmoking individual without family or partner coverage. The report provides the weighted average rate change in premiums from 2022 to 2023 for the lowest-price silver plan in each rating area and county combination.