Why Do ACA Health Insurance Rates Increase?

If you’ve been following the news lately, you may have heard about the recent increases in ACA health insurance rates. While this can be frustrating, it’s important to understand why these increases are happening and what you can do to protect yourself from them.

In this blog post, we’ll take a closer look at the factors that are driving up ACA health insurance rates. We’ll also provide some tips on how you can shop for and find affordable health insurance.

Factors that are driving up ACA health insurance rates

There are a number of factors that are contributing to the increases in ACA health insurance rates. These include:

The rising cost of medical care: The cost of medical care has been rising steadily for years. This is due to a number of factors, including the increasing use of expensive new technologies and drugs.
The aging population: As the population ages, the demand for health care services increases. This is because older people are more likely to experience chronic health conditions.
The opioid crisis: The opioid crisis has led to a significant increase in the number of people who are addicted to opioids. This has put a strain on the healthcare system and has driven up costs.
The Trump administration’s policies: The Trump administration has made a number of changes to the ACA that have made it more difficult for people to get affordable health insurance. These changes include reducing the amount of subsidies available to help people pay for health insurance and allowing states to waive certain ACA requirements.

What you can do to protect yourself from rate increases

There are a number of things you can do to protect yourself from rate increases. These include:

Shop for health insurance during the open enrollment period: The open enrollment period is the time of year when you can sign up for or change your health insurance plan. The open enrollment period for 2023 coverage runs from November 1, 2022 to January 15, 2023.
Compare plans from different insurers: When you’re shopping for health insurance, it’s important to compare plans from different insurers. This will help you find the plan that’s right for you at the best price.
Consider a high-deductible health plan (HDHP): HDHPs have lower monthly premiums than traditional health insurance plans, but they also have higher deductibles. This means that you’ll have to pay more out-of-pocket costs before your insurance starts to cover your expenses. However, if you’re healthy and don’t expect to use your health insurance very often, an HDHP could save you money. If you’re not sure what option will be best for you, consult our licensed agents for help.
Get help from a licensed agent: If you’re having trouble finding affordable health insurance, you can get help from a licensed agent. Licensed agents can help you compare plans and find the best option for you.

The increases in ACA health insurance rates are a serious concern, but there are steps you can take to protect yourself. By shopping for health insurance during the open enrollment period, comparing plans from different insurers, and considering a high-deductible health plan, you can find affordable health insurance that meets your needs. If you need further assistance or consultation, please contact our licensed agents.