Making It Worse

Health insurance premiums are expected to soar next year, driven both by higher costs across the economy but also by government fueling the fires with massive new subsidies. 

The Wall Street Journal reports that “Requested rate increases for the small group market in Florida range from about 4% to almost 12%. In New York, insurers are requesting rate increases for plans that range from 11% to 46%.”

Forty-six percent?!  State regulators will have to approve premium rates this fall and are unlikely to agree to such steep increases, but with this base, big hikes are inevitable. 

Small business, which have borne the brunt of cruel Covid closures, will be hit hardest because they lack the bargaining power of big companies to negotiate lower rates.  

The full article can be found on the Galen Institute’s website.

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