Health insurance rates may be going down in Florida

Florida health insurance

Premiums could be lower than expected for some consumers beginning in 2015

Florida residents that purchase health insurance policies through the state’s exchange next year are likely to spend less in monthly premiums, according to an analysis from the White House. State officials had been warning that those purchasing individual coverage would be paying more for their policies in 2015, but this may not be the case for many of the state’s residents. While some may see higher rates due to purchasing better coverage or having to deal with the costs associated with chronic illness, others will see their rates go down.

State officials believe that insurance premiums will be higher for all consumers

The analysis from Florida’s Office of Insurance Regulation is based on the calculated cost of health insurance policies sold throughout the state’s individual market. This analysis includes cost information for plans sold through the state’s insurance exchange as well as those sold in the private market. When tolled up, the average cost of insurance is likely to increase for most consumers.

White House analysis notes that policies through state’s exchange will be less expensive in 2015

Florida health insuranceThe analysis from the White House focuses solely on policies sold through the Florida insurance exchange. The analysis contends that those purchasing coverage through the exchange for 2015 will see lower premiums. The White House notes that Florida is home to some of the lowest health insurance rates in the country, with an estimated 75% of Floridians living in areas where insurance premiums are likely to fall below levels they were this year.

Federal subsidies will help make insurance coverage more affordable

According to the White House, some consumers could see their insurance policies fall by 17%, while others will see their rates drop by 2% or less. How much a person’s insurance premiums will decrease largely depends on where they live and what health issues they have to manage. Those with chronic illnesses may see their health insurance premiums rise in 2015. Federal subsidies will also play a role in lowering the cost of insurance coverage. Currently, 91% of those that have applied for coverage through the Florida insurance exchange are receiving this subsidies.

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