Health insurance premiums for HealthCare.gov policies are set to rise

Health Insurance Premiums Rise

Insurance premiums for HealthCare.gov policies to rise by an average of 15% next year

Those with health insurance coverage through HealthCare.gov are likely to see higher premiums next year unless they switch policies, according to a report from Kaiser Family Foundation. Consumers with insurance coverage through the federal exchange marketplace have been encouraged to shop around for new policies, as this would allow them to save some money. On average, Kaiser predicts that those not shopping around for different policies will see an increase in their premiums of approximately 15%.

Insurers are looking to recover from financial losses by raising premiums

The report from Kaiser suggests that premiums will be increasing for nearly all policies sold through HealthCare.gov. In 2015, most of the policies sold through federal exchanges were the least expensive options that consumers had, but that will no longer be the case next year. Most of the country’s leading insurers are looking to raise premiums in order to overcome certain financial challenges. Many insurers are facing financial losses coming from claims payments, which is encouraging them to increase rates in order to recover.

Shopping around for coverage could help consumers save money on health insurance

Health Insurance Premiums RiseKaiser’s report echoes urging from the federal government for consumers to shop around for health insurance policies. The Department of Health and Human Services has encouraged consumers to shop around, suggesting that they will find better deals. Those that keep their current insurance policies will be faced with higher premiums and a greater degree of financial pressure. Those shopping for new policies may also be able to find better coverage options, allowing them to receive the medical care that they need.

Auto enrollment system may leave many consumers with their current, expensive policies

The majority of consumers are expected to keep their current insurance policies thanks to the auto enroll process employed by HealthCare.gov. This system is designed to make enrolling in health insurance exchanges easier for consumers that have already used these exchanges in the past. Because of the system, however, many consumers are expected to become complacent with their existing coverage, exposing themselves to higher costs.

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