Many leading health insurers are already stating they expect individual/family health insurance rates to spike in 2017. Covered California has said rates will increase over 13% in 2017.
According to Covered CA, this year’s increase, which is more significant than the last two years, reflects what we believe is a one-year adjustment due to the end of reinsurance, a three-year program to help stabilize rates implemented for the first years of the ACA and set to expire December 31. Other drivers of this adjustment are the cost of specialty drugs and higher-than-expected costs in special enrollment.
Your actual rates will depend on a number of factors including where you live, and your income.
The 2017 enrollment period is fast approaching, so I thought it would be good to provide some general information.
- Are all health plans going up? It is most certain that all individual and group plans will experience some level of increase.
- When will the premium increase take effect? January 1, 2017.
- Will I be able to keep my plan? Yes you can. However, plan coverage terms will most likely change.
- Are there ways to limit the premium increases? Yes, by adjusting your plan or placing a cap on your coverage. Or you may shop around for another plan that fits your budget.
- Where can I shop for my health insurance? I offers coverage through all the major providers, call me and I can help you review your options.
Open enrollment for individual and family plans begins November 1 and ends January 31, 2017. These dates apply to plans purchased through Covered California or off exchange.