Consumer Coverage Blog

My Health Insurance Rates Increased 20%

My health insurance policy rates just went up by nearly 20%…. Is that a normal rate increase? We at HIBO see rate increases every year with insurance carriers. Inflation on the healthcare industry is at nearly 21% a year. Know what that means? Your health rates will go up with that trend. How can I mitigate that rate increase cost? HSA, HDHP, high deductible health plans will have less of a rate increase in most instances. Check to make sure your carrier is Domiciled in your state. They will have to approve rate increases with your insurance commissioner. If they are not domiciled you might see higher health insurance rate increases. Give us your experience here, please comment.

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