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What Small Businesses & Individuals Should Know About Health Insurance Rates
CreativeWorks Systems, Inc.Jan 16, 2013 17:00 EST
New York, NY
The current situation in the healthcare insurance sector is nothing short of a mess, as insurers are scrambling to raise premium rates for some policy holders citing rising healthcare costs. The lack of due diligence in the sector, especially with the way premium rates are going up in some states(which do not currently provide litigation support against excessive rate hikes)is becoming a cause for concern. DigitalOlympus.com has published a new report that lays out the facts for small businesses and individuals, who are most affected by the fiasco.
The “Affordable Care Act” of 2010 can be blamed for the seeming incessant hikes on premium rates, especially for policy holders not covered by employers. Reports show an average of 20% increases in premiums for non-employer policy holders (small businesses and individuals) compared to just 4% for employer-covered policies.
Data out of Washington, as well as business intelligence reports and investigations by leading industry players all indicate that although healthcare costs are rising and may continue to do so in the near future, they will only appreciate by a fraction of the average hike rates being proposed by insurers. This creates the debacle regulators are seriously trying to solve. Thanks to the new healthcare law of the Obama administration, they may finally be making some headway.
According to the DigitalOlympus.com report:
“As the "Affordable Care Act" gives the way to the new healthcare law and we continue to see increasing adoption and more power for regulators, we can expect premium hikes to lower considerably for currently affected policy holders, even in the near future.”
The full report by DigitalOlympus.com can be accessed by visiting this link.