Are you one of the many who will face a higher premium next year? Do you have any recourse?
According to a report from the Department of Health and Human Services, in the 35 states including Florida where Washington runs the health exchange, the most popular type of plan will go up an average of 5 percent in 2015. Such an increase is considered modest—after all, premium hikes in the double digits were standard before Obama Care. Nevertheless, if you have an Affordable Care Act plan with rate increases that will break the bank, you’re free to shop around for a more cost-effective plan (expect to spend at least a half hour on HealthCare.gov updating your coverage).
While the increase will be, on average, 5 percent, differentials are often bigger between states and within regions of a state. Some will see premium hikes in the double digits. Others will see their premium go down–a phenomenon virtually unheard of before the new health care law.
One thing you can be sure of in 2015 regardless of your health insurance status? The health care law will continue to ignite debate and fall under intense scrutiny from political opponents who want it repealed.