Archive for June, 2013

ObamaCare Sticker Shock

Posted on: June 10th, 2013 by Bill

Rates are starting to become available little by little and so are the warnings. “The Looming Premium Rate Shock” – http://energycommerce.house.gov/rate-shock – is a report recently released by the House Energy Committee estimates that premiums for some could go up 500%. Hopefully that won’t happen in Florida. The reports example of Florida estimates increases of 100 to 120% on less comprehensive plans. Small group health plans in Florida rates are estimated to go up 13-75%.

There are a number of factors contributing to these increases including lower deductibles, 3-1 community rating, maternity for all, and no pre-existing condition exclusions. Even with a subsidy you could end up paying more. The PPACA requirements cost money and that has to come from premiums.

So what can you do?

You can keep your current plan through your policy anniversary date in 2014. Many carriers will be offering anniversary date changes to 12/31 to give you more time to see how the Obamacare rollout goes.

If you qualify for a subsidy AND it lowers your premiums then it would probably be a good idea to switch on January 1, 2014. Open enrollment starts 10/01/2013. Also if you are interested in maternity coverage then the exchange plans will offer you a much better selection than what is available in the individual market today.

If you have an individual / family insurance plan then at some point next year you will have probably have to make a change. If you are on a group health plan then you will just have to go along with whatever the plan sponsor decides.

Hopefully the Florida Obamacare rates and subsidy amounts will be available soon.