November 28, 2022

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KFF says health insurance costs are expected to rise next year


BIRMINGHAM, Ala. (WBRC) – Inflation is causing prices across the board to soar and the latest could be healthcare insurance.

The Kaiser Family Foundation reviewed health insurance companies’ early rate filings for next year and the numbers are up.

Krutika Amin with the non-profit organization says out of the 72 companies they reviewed across 13 states and Washington DC, the median premium increase was a 10% hike.

She says there are a few reasons for this. For example, people put off doctor visits during the pandemic, but now they’re going back. That’s on top of record-high inflation.

Amin says while the numbers they looked at were specifically for those who purchase health insurance through the marketplace, the factors can be seen all across the board so there could be increases for others too.

She says that’s not the only place people will get hit next year.

“COVID relief subsidies to buy health insurance coverage through the marketplace is also expiring at the end of this year,” said Amin. “Unless Congress extends that, people are going to face a double whammy of increase in premiums and less help to buy health insurance through ACA marketplaces.”

Amin says Alabama rates should be submitted in the next few weeks, but with overall cost increases across the country, you can expect health insurance to be higher in our state as well.

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