What to Do if Your Health Insurance Rates Increased This Year
Across the country insurance rates for healthcare are increasing. This is not a phenomenon limited to California. Most states are seeing higher costs for healthcare premiums. Healthcare insurance is one of the most important tools in maintaining your health. Every American is now required to be covered, whether you’re a student, unemployed or retired. We can help you during open enrollment to find the product that fits your needs in the Covered California marketplace.
Reasons Health Insurance Rates Are Rising
There are protections for consumers to prevent insurers from raising rates each year. The state and/or federal government has to approve the increases. Still, that hasn’t prevented the insurance company from asking for relief. The reasons are many, but the key reason for the substantial increase seen this year is that consumers who signed up for insurance were sicker than the companies realized. Here are some of the other reasons rates are on the rise.
What to Do if Your Insurance Rates Increased
If you’re like many Californians, you may have gotten a letter advising you that your insurance rates will increase up to 30 percent next year. You do have options. You could switch health insurance plans and carriers, or find out if you qualify for a subsidy. The deadline is January 31, 2017. If you don’t have a plan in place before that date, you have to wait until next year for coverage. In addition, you will face penalties up to $695 or 2.5% of your household income for not having insurance. Don’t let that happen.
One of the best things to do is call a certified covered California health insurance broker, like Sackett & Associates Insurance Services. Reach our office by calling (707) 823-3689 to let us help you find the health insurance you need through Covered California during open enrollment. Take preventative steps for your health by having insurance to cover your costs.