South Florida Health Insurance Rates to Rise in 2015

Newman Crane

South Florida Health Insurance Rates to Rise in 2015

Proponents of the Affordable Care Act (ACA) are criticizing the Florida Office of Insurance Regulation over their analysis of the impact the ACA regulations will have on health insurance premiums next year. According to the Sunshine State’s rate proposal, Floridians who buy health insurance on the individual market in 2015 will face an average increase of 13.2 percent in their monthly premiums. These rate proposals will affect all ACA-compliant health plans on the individual market, including those sold through the federal government, however group health insurance plans such as those offered by employers were not reflected in that data released at this time.

The rate proposal indicated that eight of the eleven insurance providers that will offer independent health insurance in 2015 will be increasing their premiums between 11 and 23 percent, while only three providers will be lowering their rates. According to the projections a mid-level plan for a family of four in many counties would cost well over a thousand dollars before the tax subsidy. The report suggested that Floridians should expect average premiums ranging between $400 and $600 per family across much of the state, even after federal subsidies. That equals out to over $100 dollars per person, a rate that could still be vastly out of reach for many citizens.

ACA supporters were quick to speak out, alleging that the Florida Office of Insurance Regulation used unlikely scenarios and skewed data to calculate these inflated averages. A not-for-profit health information network known as Florida CHAIN, called upon data released this spring by the U.S. Department of Health and Human Services which reported that Florida families paid an average premiums of less than seventy dollars each month. The Florida insurance office reportedly based their projections of premiums of roughly $300, which is significantly higher than the average policy holder is likely paying based on federal data.

The actual cost of health insurance varies depending on the type of plan an individual chooses, how many dependents you have and your physical location. They are typically categorized as “bronze,” “silver,” “gold” or “platinum, which correlate to the amount of coverage each policy offers. It is still unclear what the exact South Florida health insurance premiums will be next year; however it is likely that they will increase.

Finding the right coverage for you and your family can be challenging. At Newman Crane we are here to help. Our South Florida Health Insurance specialists make finding you the best health insurance coverage at the most affordable rate our top priority. You can feel safe knowing that your health and best interests are secure. We also offer a wide variety of personal insurance solutions to help protect all you personal assets. For more information or a free quote assessment, give us a call today at (407) 859-3691.