How Much Does Health Insurance Increase Each Year?

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   Fred Adams

   The HSA Expert, Health Revival, Athens, GA

   This is a near impossible question to thoroughly answer, especially in light of the Affordable Care Act.  In past years, premiums for most large groups were known to increase 4-8%, while smaller groups and individuals typically had much larger increases. I've always told my clients to ship for a new plan every year, and if your increase is less than 10% per year, consider yourself lucky, as other customers had increases two to three times that size.  Since 2015 rates must be filed with each state's department of insurance next month, and no company has enough history to properly rate 2015 policies based on the minimal time there has been to measure claims experience with Obamacare plans, the amount of increases we can expect to see this fall, for coverage in 2015, is unknown. Most experts agree costs will continue to rise dramatically for the next few years, until company's have had time to assess the true risk involved with these plans, their new mandates, and forced coverage for all pre-existing conditions.

   Answered on April 21, 2014

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