What’s your next health insurance renewal going to look like? Single digit increases? Double digits? Depending on what you’re reading, maybe worse!
Here’s what I think will happen. Warning: my 8 Ball is aging, like its owner!
Postponing some of the mandates of The ACA another year, small groups (2-50 employees) will be offered a second “transitional relief” early renewal later this fall. Increases of 8-9% will be the norm, if you stay with your current coverage.
I’m also guessing individuals who bought coverage during the first ACA Open Enrollment will get increases averaging in the high single digits. Expect consumers – especially those represented by agents and brokers – to gravitate to the best deals.
Price, not loyalty, will reign.