What is the likelihood your health insurance premiums will go down next year? If you are in the state of Florida, largely unlikely. Health Insurance Premiums to rise by 19 percent in Florida on the day of Jan. 1, in accordance to a Friday declaration from the Florida Office of Insurance Regulation.
That is more than twice the increase reported previous year, when premiums went up an average of 9.5%. But now the health insurance premiums to rise by 19 percent in Florida will definitely going to impact the citizens of that state.
The average rise is calculated from a sampling of 15 health insurance companies involving Humana, Molina Healthcare, Cigna, Aetna and AvMed that submitted rate filings to the OIR in the month of May. 8 of the companies that submitted sell insurance policies on the health care exchange, 7 sell off-exchange plans.
The on-exchange increases range from 11.7% to 36.8%, the off-exchange rate changes from -1.5% to 27.3%.
South Florida and the remaining state have had a high volume of signups for health insurance since the Affordable Care Act, or Obamacare, which permitted the sale of coverage on a marketplace, or exchange. The 1st open enrollment season started in the fall of 2013, and permitted Americans to buy insurance on the health care marketplace. Since then, few high-profile insurers such as Aetna and UnitedHealthcare have pulled out of the marketplace in several or all its markets.
The open enrollment time for clients to get coverage for the year 2017 will start on the day of Nov. 1 and end Jan. 31.
The ACA and the health care exchange have long been a contentious problem in part because of the partisan affiliations, and the U.S. Department of Health & Human Services issued a statement following the OIR’s declaration. Average rate changes can be offset by tax credits and vary based on whether a consumer is enrolled as an individual or through an employer.
“Consumers in the state of Florida will sustain to have affordable Health Insurance Marketplace options next year,” stated Jonathan Gold, a spokesman for HHS, in a statement. “Headline rate changes don’t reflect what these consumers really pay because tax credits reduce the cost of coverage below the sticker price and shopping assists consumers to find the best deal.”
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