Health Insurance Rates Are On The Rise

Health insurance rates are on the rise this year.

Alexus Arthur tell us just how much and how it could affect your plans.

"Well I don't like it you know the more they go up the less spending money you have." said Sid Belzer, Leingang Branch Manager.

There may be even less money sitting in your wallet with how high rates are reaching.

"Might not go out to eat one more time." said Belzer.

"If you purchase insurance from either small group or individual market your rates are going to be increasing on average." said Jeff Ubben, Deputy Insurance Commissioner.

When we ring in the new year, new rates could climb anywhere between 8 to 22 percent.

"You may be switching companies if what you're looking for is the lowest plan." said Neil Scharpe, Insurance Navigator.

"Every year it seems we get another increase and never would of thought it would be this high." said Belzer.

But the big questions asks, why?

"The cause of the big increase, there's several, one is the enactment of the affordable care act that required insurance companies to take on a lot more risk and cover everybody essentially." said Ubben.

But if you take away the affordable care act there's also risks.

"If the Affordable Care Act went away you would have all those people paying the regular premium and probably wouldn't be able to afford it." said Scharpe.

"I just wish that someone could figure out to keep the costs down if they can." said Belzer.

The advice insurance professionals are giving is to stay aware and understand the changes in your plan.

"Everybody that's on a plan through the federal market place really needs to take a look this year." said Scharpe.

For small business owners and single payers, the time is now to weigh out your options.

Health insurance open enrollment dates are November 1st through December 15th.

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