Since the passing of the Affordable Care Act in 2010 there have been a number of changes in the health insurance industry. One change is consistent: higher premiums. The premiums for health insurance have significantly increased in the last 8 years. On average, a 40-year old woman will pay nothing less than $380 per month for a Silver plan. With recent trends, premiums will most likely continue to increase in 2019. There are also concerns that consumers will cancel their policies and go without health insurance. This will be especially true for healthier and younger adults.
Various sources state premiums will stabilize for 2019 and others are saying there could be significant increases depending on where you live. The only way to find out is to start reviewing your options with a broker for 2019.
Here are some factors influencing the 2019 premiums:
- Medical spending trends-including higher prescription drug costs
- Elimination of the individual mandate will increase premiums
- New federal regulations could further destabilize risk pools, which will place additional upward pressure on premiums
- Aging Population
Call Journey today to discuss your options for health insurance! Open enrollment begins November 1st!