Blue Cross NC to lower 2024 ACA marketplace plan rates by 4%

Blue Cross and Blue Shield of N.C. said Wednesday it has received approval to lower by 4% its average rate for individual and family federal health insurance plans in 2024.

The permission was provided by the N.C. Insurance Department for federal Affordable Care Act plans, also known as Obamacare.

By comparison, the approved state wide year-over-year rate increase was 7.4% for 2023 and 2.8% for 2022, along with a 1% decline for 2021.

As of July, Blue Cross had 414,000 North Carolinians participating in ACA plans.

Open enrollment for ACA plans again begins Nov. 1 and ends Jan. 15. Health plans purchased by Dec. 15 during the enrollment period go into effect Jan. 1.

Individual rates vary based on location, age, subsidy amount and plan. A regional breakdown of the rates typically is provided in October. Blue Cross NC is projecting lowering ACA rates in every rating region in a range of 0.2% to 6.6%, with metro areas tending to be lowering than rural areas.

Customers' premium amounts depend on federal premium subsidy levels, which will be determined by the federal Centers for Medicare and Medicaid Services in October.

About 85% of Blue Cross NC's current customers with individual ACA plans qualify for subsidies for their 2024 plans. Subsidies vary by plan and household income.