Insurance rates for policies sold through Kansas exchange expected to be stable through 2015
Consumers in Kansas may be able to breathe a sigh of relief regarding the cost of health insurance policies sold through the state’s exchange. The Kansas Health Institute has released a new report concerning the cost of these policies, showing that prices are expected to remain stable through 2015. According to the report, the average cost of policies going into effect next year is expected to increase by just 0.1%, which may be good news for those shopping for insurance coverage.
Some specialty policies will see a rate increase of 13% or more
While the average cost of policies is expected to remain stable, some specialized health care plans sold through the state’s exchange may be seeing a rate increase of as much as 13%. This has to do with the growing costs of medical care and the fact that insurers are attempting to recover from losses they had seen in the past few years. The rate increase is also being caused by the limited number of people that are purchasing such health care plans.
_________________________Random Success Quotes to Remember ~ “There is no secret about success. Did you ever know a successful man who didn't tell you about it?” - Kin Hubbard, Humorist
A new insurer is participating in the state’s exchange, offering low rates for the coverage it provides
The report shows that the number of insurance policies being made available to individuals and small groups is growing from 72 to 82. The majority of these insurance policies are available to individuals, with 18 being made available for small groups. The four insurance companies that provided coverage through the state’s exchange will be offering this coverage once again for 2015. One new insurance company has begun participating in the exchange as well, offering competitive rates on the coverage that it provides.
Open enrollment for health insurance exchanges is here
The open enrollment for exchanges throughout the United States is now open, meaning that consumers can shop for coverage on these exchanges as they see fit. In some states, policies sold through exchanges are becoming more expensive. In others, rates are remaining stable, or showing marginal growth that may not be burdensome to consumers.