Obamacare fallout? Heath insurance brokers are preparing their clients for Health Insurance Premiums to increase by as much as 300 percent this fall.
Health insurance brokers across the country are starting to prepare their clients for significant increases in health insurance premiums. This includes individual policies, which many small-businesses owners purchase, as well as small business and other group policies. In some cases, premiums may triple.
The increases in premiums are a consequence of the changes to the healthcare sector required under the Affordable Care Act also known as ACA or Obamacare. In the fall, insurers will need to offer a slew of additional medical services at no cost to policyholders. They will also be required to use new underwriting procedures. These and other changes will require insurers to charge higher premiums to offset these additional costs. State regulators can deny the premium increases, but the subsequent financial losses to insurers will lead them to exit unprofitable markets altogether.
The Obama administration may announce delays and other strategies to minimize the premium increases this fall, but it’s also likely to address this issue by requiring providers, like doctors and hospitals, to accept less compensation for their services.
Who is Mike Periu?
Mike Periu is the President of Proximo, LLC, a company that markets education and training programs to small business owners, entrepreneurs and consumers.
Mike Periu has been interviewed over 500 times for broadcasters including CNN, NBC TVE, RTE and others. Mike is a contributing author to OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike graduated from Georgetown University in Washington, DC. His degrees are in Finance and International Business. In addition to his work Mike is also on the Board of the Council for Economic Education.
