Healthcare Reform Effects on Insurance Costs
Local News
by
Amy Wright
last edited on
Thursday, September 09, 2010
With new health care reform on the horizon, many Americans may see in increase in their health insurance premiums.
The projected rate increases would apply to most new policies insurers write after October 1, 2010.
Some consumers could also see higher rates if they modify their existing plans, losing a grand fathered status, including individual policy holders and those who work for small companies with fewer than 50 employees.
To cover the cost of rising medical expenses, some carriers are also seeking additional rate increases, which could end up costing you more.
Carver Insurance, Dakotacare, John Carver says, "Those affected by this change will be groups, definitely larger groups, who may not be able to afford to insure everybody. The federal government has basically said that if they make anymore than a 5 percent adjustment to their benefits they lose that grandfathered status and would be required to insure everybody at that time."
Carver reminds insurance holders to double check with their agent if they have questions to possible changes to their policies.