Florida health insurance rates are hard to understand
Florida residents may have to wait some time before they can get clear information concerning the rates of health insurance plans that will be sold through the state’s exchange system. The exchange is scheduled to begin open enrollment on October 1, but information concerning the costs that consumers will face through the exchange has been difficult to decipher. Analysts from the Kaiser Family Foundation states this week that the state has yet to provide information that can be clearly understood, which could lead to some confusion among consumers regarding their health insurance options.
Analysts claim state’s rate system is too difficult to understand
Analysts spent time examining the rate filings coming from the insurance companies that would be participating in the exchange. The analysts noted that the information they examined was difficult to understand, even for those that had extensive experience in the health insurance sector. According to the Kaiser Family Foundation, Florida’s rate system is significantly more difficult to understand that those found in other states. This is partly due to the fact that the state withholds some information from the general public.
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State aims to release more information when it becomes available
State officials have noted that more information will be released when it becomes available, but whether this information will be any easier to understand is unclear. According to Insurance Commissioner Kevin McCarty, health insurance rates throughout the state are expected to grow by an average of 5% to 20% for small businesses and as much as 40% for individuals. Higher rates are due to the fact that consumers are expected to receive more benefits through the plans they purchase through the state’s exchange.
Higher health insurance rates may be a burden for some consumers
Florida boasts of 3.5 million uninsured residents. Many of these people do not have health insurance coverage because of its high costs. Higher rates for coverage are not expected to encourage many consumers to purchase plans through the exchange, but state officials have been working to raise awareness of federal subsidies that could help make this coverage more accessible.