Will Health Care Reform Increase or Decrease Insurance Premiums?
The Affordable Care Act recently doled out $46 million in grants to 45 states and the District of Columbia – one million a piece – to fight against unfair premium increases. The goal of the grants is to get individual states to exercise their authoritative muscle with insurance companies that are recklessly raising rates. The projected result is that premiums will decrease by 14-20 percent in 2014 when the health reform plan fully takes effect.
As a self-insured American, I would love to see this happen. But here’s one potential problem…covering people with pre-existing conditions throws out the mathematical principle insurance is based on – the law of large numbers. It seems inevitable that insurance rates will be increased as insurance companies are forced to bear the burden of increased claims.
If you have a pre-existing condition, keep checking in with our blog for updates on where and when you can get insurance coverage. If you have no pre-existing conditions and no coverage, call today while you still have the chance to be grandfathered into the new health care system. It will save you money and increase your options.
Suncoast Health Advisors Inc.
888-919-9876
