How Will The Affordable Care Act Change Florida Rates?

By: Garin Flowers; Associated Press Email
By: Garin Flowers; Associated Press Email
Several parts of the Affordable Care Act will kick off  January 1st, 2014.

FILE - In this March 23, 2010 file photo, Marcelas Owens of Seattle, left, Rep. John Dingell, D-Mich., right, and others, look on as President Barack Obama signs the health care bill in the East Room of the White House in Washington. Medical claims costs _ the biggest driver of health insurance premiums _ will jump an average 32 percent for individual policies under President Barack Obama�s overhaul, according to a study by the nation�s leading group of financial risk analysts. Recently released to its members, the report from the Society of Actuaries could turn into a big headache for the Obama administration at a time when many parts of the country remain skeptical about the Affordable Care Act. (AP Photo/J. Scott Applewhite, File)

By Garin Flowers
July 31, 2013

The Affordable Care Act, known to many as Obamacare is trickling it's way down the chain in the states and the question in Florida now is, how will the rates fluctuate with the new changes?

Health Insurance Advisory Board: "There are a lot of misconception that somehow the rates were going to go down under the Affordable Care Act and they may in some states actually be going down... We certainly haven't seen that in the rate filings in Florida."

The Florida Office of Insurance Regulation met this week to discuss the healthcare overhaul. "We are seeing premium increases."

Insurance officials estimate costs to jump about 5 to 20 percent for small businesses and 30 to 40 percent in the individual market. One reason for the spike in prices is attributed to coverage being offered to everyone...even with pre-exisiting conditions.

Instituting the new healthcare law is no walk in the park...and some say it's even more difficult with young adults.

Health Insurance Advisory Board: "We have difficulty getting them to buy insurance as it is so any amount of money out of their pocket increased over what they pay now, is significant."

Several parts of the Affordable Care Act will kick off January 1st, 2014.

Associated Press Release

MIAMI (AP) -- Florida residents are finally getting to see what so-called "Obamacare" means for them as state insurance officials plan to release rates showing how much health plans will cost under the new federal health law.

The details come one day after Florida Health Commissioner Kevin McCarty said rates will rise an average of 5 to 20 percent for small businesses and 30 to 40 percent in the individual market. He countered that increases are partly because consumers will receive more benefits, and the higher costs will be offset by federal subsidies in many cases.

He says most people will not see some of the more extremes.

Residents in many counties will be able to choose from six or seven carriers, but in some rural counties consumers will only have one option.

Associated Press Release

MIAMI (AP) -- Florida's insurance officials are predicting that health insurance rates will rise 5 to 20 percent for small businesses and 30 to 40 percent in the individual market through the state's new exchange.

Officials released those figures Wednesday during a meeting of the Florida Health Insurance Advisory Board in Tallahassee.

But many residents making less than $48,000 a year will receive a voucher from the federal government to help offset those premiums.

Some of the state's largest individual health insurers, including Florida Blue and Cigna, will be among 11 plans competing through the exchange.

Under the Affordable Care Act, insurers can no longer turn away people with pre-existing medical conditions and limits what they can charge to older policy holders. Covered benefits will also be expanded.

Starting Oct. 1, consumers can compare different private insurance plans through the online exchange.

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