Consumers Consider Options as Health Insurance Premiums are Expected to Go Up in 2015

by Vanessa Jones on November 26, 2014 at 3:54 PM

 Consumers Consider Options as Health Insurance Premiums are Expected to Go Up in 2015

Consumers across America are preparing for hikes in their health insurance premiums under the Affordable Care Act. For some people government subsidies will counter the price hike and for customers who already have insurance can shop for better deals.

Joens of St. George - Utah, said that he and his wife were facing an 18% hike in premiums in the coming year, so he is looking for a plan with lower premiums and a higher deductible. He is in his 50's and semi retired.


"It's not a major hardship," he said. "But I still have some years until I am on Medicare. My worry is by the time I'm 65, who knows where this will be?" Overall, he said he's been very satisfied with his "gold" plan this year.

"How all this shakes out will depend on one big wild card," said Larry Levitt of the nonpartisan Kaiser Family Foundation. "Will current enrollees become savvy shoppers or just sit back and stay in their current plans? This is a new program with no precedent, so there's no way to predict exactly what will happen."

This time the administration had not released its own analysis, only giving out the data which independent experts worked on. The analysts focused on 'silver plans' which fall a little below the employer sponsored coverage. There are 4 levels in plans - the platinum, gold, silver and bronze. According to a study by Avalere Health the lowest costing silver plan would also be up by 10% on an average.

A Kaiser Foundation study found that the premiums in the silver plan could increase in 59% counties and decrease in 34%. 18 counties would see a 10% increase and 7% would remain the same. It depended on what the insurer would have bid for - so it was best to shop around for the best options.

The employer sponsored plans, which cover about 150 million people is the biggest chunk of the health insurance market. Costs in these plans are usually more contained but a rise of 4.6% is expected.

Levitt felt even so consumers would be able to find some low cost plans, "In some places, premiums are actually going down, which is almost unheard of in health insurance," he said.

Robert Glenn of Charleston, South Carolina actually saw a drop of $17 for his gold plan. He found he could save more money by picking the silver plan and save $104.

"I see the forces of capitalism and competition working this year," said Glenn, a psychiatrist in his early 30s who's an independent contractor. "I know I am just but one of millions of people affected ... but 'Obamacare' is working for me."

The Kaiser Foundation analysis found wide differences from state to state and at times within the state also. Alaska and Minnesota had the highest increases and most counties in Georgia had decreases. Florida and Texas were found to be on the higher side.

Reference: Ricardo Alonso-Zaldivar

Source: Medindia

News A-Z
News Category
What's New on Medindia
'Hybrid Immunity' may Help Elude COVID-19 Pandemic
Stroop Effect
Plant-Based Diet may Reduce the Risk of COVID-19
View all

Medindia Newsletters Subscribe to our Free Newsletters!
Terms & Conditions and Privacy Policy.

More News on:
Health Insurance Plan Third Party Administrators for Health Insurance Star Health and Allied Insurance Health Insurance Policies offered by Bajaj Allianz Insurance ICICI Lombard General Insurance Company Limited Health Insurance Health Insurance - Ombudsman Health Insurance - Basics New India Assurance Policies Cholamandalam Health Insurance Policies 

Recommended Reading
Health Insurance For Pre-Existing Conditions
Many people worry about getting health insurance plans for pre-existing conditions and they believe ...
Health Insurance Plan
With a health insurance policy you and your family can rest assured!...
Senior Citizens - Comparison Chart of Policies
The health insurance market for senior citizens has grown in recent times. Cover hospital expenses ....
Health Insurance for Senior Citizens in India
An insight into the health insurance schemes and policies as promoted by the Government....
Cholamandalam Health Insurance Policies
Cholamandalam MS General Insurance Company (Chola MS) a joint venture of Murugappa Group & Mitsui Su...
Health Insurance - Basics
Health insurance guarantees payments to a person in the event of sickness or injury.and works as pr...
Health Insurance - Ombudsman
Insurance Ombudsman institutions work for the purpose of quick disposal of the grievances of the ins...
Health Insurance Policies offered by Bajaj Allianz Insurance
Bajaj allianz health insurance policies protect you and your family in case you need expensive medic...
ICICI Lombard General Insurance Company Limited
Major health care plans from the ICICI Lombard include complete health insurance ihealth plan, perso...
New India Assurance Policies
The existing Mediclaim and Health Plus Medical expenses policies have been discontinued and Mediclai...
Star Health and Allied Insurance
Star Health & Allied Insurance offers a convenient insurance for the corporate people when they tra...
Third Party Administrators for Health Insurance
TPA is an IRDA approved healthcare service provider. TPA processes claims for policy holders on beha...

Disclaimer - All information and content on this site are for information and educational purposes only. The information should not be used for either diagnosis or treatment or both for any health related problem or disease. Always seek the advice of a qualified physician for medical diagnosis and treatment. Full Disclaimer

© All Rights Reserved 1997 - 2021

This site uses cookies to deliver our services. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use