Austin health insurance faces rate hike as COVID-19 continues to affect health careby DAVIS BROWN PRC Agency
Austin health insurance and the people who have it should expect to see a statewide average 3.1% rate increase as early as next year for Affordable Care Act health insurance plans sold through the federal insurance exchange. According to several news sources, the initial rate increase request was only 1.8 percent, but those numbers did not account for COVID-19 and the likely impact it will have on the upcoming year.
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What this means, according to wftu.org, is that a person or family who earns $27,000 and lives in Broward County will pay an average of $187 a month for coverage in a “silver” ACA-covered plan after subsidies. Monthly premiums for that same coverage would be $182 in nearby Miami-Dade County. Those with health insurance in Austin for Travis County have the highest monthly premiums at $264. Enrollment in the federal health insurance exchange for 2021 coverage begins November 1 and ends on December 15, 2021.
Rick Thornton, an Austin health insurance agent says that while these rate increases are disappointing, they are also not a complete surprise and should be expected in other states in the near future. The coronavirus has flipped everything on its head since early March, including health care. Companies submitted separate projections for the pandemic in the aggregate requesting a 2.8% increase due to claims stemming from the pandemic. When the 3.1% increase was approved, it accounted for a 2% COVID-19 impact. Thornton added that growing unrest among lawmakers suggests that the White House will finally pick up a big win in court regarding the ACA. The nation’s highest court’s final decision, whether it is for or against the ACA, will affect the insured, uninsured, and nationwide insurers everywhere.
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Created on Oct 6th 2020 11:20. Viewed 167 times.