Philadelphians Brace for a Big Increase in Healthcare Insurance Premiums
Mar 15, 2018 01:11
Every year, state health insurance commissioners announce how much consumers can expect to see their premiums increase by. Since Obamacare has been enacted, very few health insurance policyholders have seen rate increases that would make healthcare unaffordable overall.
Philadelphia is about to become one of the biggest markets hit by a proposed 25% healthcare premium increase over a 12-month premium. This expected change is going to cost graduates, business owners, and other currently insured Philadelphia residents hundreds of dollars a month in premiums. Although the news will not be well received by most people living in the Philadelphia region, the truth is that several health insurance providers actually wanted to introduce a much higher premium hike.
Is There Any Relief in Sight for Philadelphia Residents?
An increase in health insurance rates can occur as often as every year, but most of the time, premium rates don’t fluctuate by much. Having to pay an extra $5 for healthcare coverage is not a big deal to most people, especially considering that the amount is usually deducted directly from their paychecks. Unfortunately, Philadelphia residents will not be able to easily forgive a health insurance premium hike that will be equivalent to their car loan payments.
Will More People in Philadelphia Forgo Healthcare Coverage?
Right now, medical insurance is optional. Yes, there are penalties that can be applied to those who don’t have any healthcare coverage. Additionally, going without medical coverage makes you responsible for any emergency care services rendered if you need to be hospitalized after an accident. At the same time, if health insurance costs in Philadelphia and other cities rise to the level of being unaffordable for the middle-class, there’s going to be a surge in health insurance policy cancellations. Having an increased number of uninsured patients will also make regional healthcare costs rise.
When Will Health Insurance Costs Level Off?
In a nutshell, health insurance premiums will continue to go up as long as prevailing wages, housing costs, local taxes, and inflation rises. In other words, health insurance costs might not increase next year, but they’re expected to increase at least every few years. The cost to complete a degree is not suddenly going to decrease by 40% next year, so you also shouldn’t believe that health insurance premiums are going to level off or stay stable for more than a year or so.
Some Philadelphians might be able to keep their health insurance premiums down with the application of subsidies or by looking for more affordable plans on Medical Health Insurance Today. Other solutions for Philadelphia residents who feel that they are paying too much for health insurance coverage is to either move away from the area or cancel their policies. Older Philadelphians may be enrolling in Medicaid while younger people may opt out of the open healthcare marketplace and seek out free government healthcare instead. The anticipated medical insurance premium hike in Philadelphia does not apply to all insurance companies, so you can use open enrollment to find out if there are other more affordable medical insurance providers available.
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