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Health Brokers Warned Premiums Will Increase

Health insurance companies are warning brokers that health premiums for small businesses and individuals could sharply increase in 2014 due to the Patient Protection and Affordable Care Act.

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United Healthcare, the nation’s largest healthcare firm, is even estimating that rates could more than double for consumers who decide to buy their own plans.

These predictions are a source of hot debate among lawmakers, especially those in the Obama Administration, who told consumers to expect “more affordable” premiums after the implementation of PPACA.

The wide gap between the predictions of those in the healthcare arena could be a result of the complexity of the law- and the fact that no one is sure what the effects of the law will be.

  • UnitedHealth Group told brokers last month that premiums for some consumers buying their own plans could go up as much as 116%.
  • Small business rates could increase as much as 50%.
  • In 2011, around 18% of those with employer-provided health coverage were at small companies.
  • The individual market is expected to grow to around 35 million people by 2016 as a result of the law.

 

To read the full article from the Wall Street Journal, please click here.

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