By now, most people have come to terms with the fact that health insurance, as we've collectively known it for decades, has been forever changed. Even prior to the 6-3 supreme court ruling in favor of the Affordable Care Act and health insurance tax subsidies, social media and water coolers chats were ablaze with murmurs of monopolies and rate hikes and lackluster customer service from already overwhelmed carriers.
Now that Obama's health care law has been firmly cemented in the pages of history, scores of questions are surfacing on how premiums will realistically be affected by the historic ruling.
Health Insurance Premium Increases in 2016
It's worth stating up front that health insurance agents, such as us, have absolutely nothing to do with setting premiums. These come directly from the major carriers and are based on a long list of personal and geographic factors. That said, there is already talk of 20-40% premiums increases on health insurance in 2016, which comes on the heels of significant increases that were issued in 2014 and 2015. Unlike the coverage we rely on for our homes and cars, these increases are not based on past claims or lifestyle/family changes. These will take effect simply to foot the bill for new and increased claims.
Instead of panicking or rushing to the phone to cancel your policy, the smart way to address the forecasted premium hikes is to change your health insurance mindset to one that's more proactive and personalized. Know your policy inside and out. Ask questions and make sure that you have the right amount of coverage for your health needs. Consult an agent who works as closely with clients as they do with carriers, in addition to understanding premium structures, community ratings and the more intricate elements of the Affordable Care Act. With a little knowledge and preparation, it is possible to remain in an affordable health insurance policy.
Expert Advice on Health Insurance and HCR
Regardless of what the future holds for health insurance, it's clear that many individuals and families will be affected as the industry continues to evolve. Working with an agent who's experienced with the Affordable Care Act and health care reform, is a smart way to take charge of your coverage while ensuring that you're not paying more than you need to.
To learn more about the changes coming to healthcare, call or write to PFI in confidence through our secure contact page. We're conveniently located in the Naperville/Lisle area and staff a team of licensed Illinois agents.
To schedule a free appointment with one of our agents, call us 800-369-0287.