Health Insurance Rates Could Double in 2014

According to an article last week by The Wall Street Journal, they are reporting that health insurance rates could double for small businesses and individuals in 2014.

The article reports that Insurers such as Oxford and Aetna are asking their brokers to “brace” their clients for up-coming increases of 35 -50% for small business owners and 116% for individuals.

It’s not like we shouldn’t have seen this coming when Health Care Reform was passed in 2010 even though Government officials promised that reform would “level the playing field” and make health care more affordable for everyone.

Both Oxford and Aetna deny that the increases of 35 -50% are the result of Reform taking effect in 2014 and claim that the increases are “in line” with their projections of growing medical costs.

Insurance carriers are getting ready to file specific rate proposals to state regulators in the next few weeks asking for massive rate increases to their already out of control pricing structure. It will be interesting to see how much the regulators allow the insurance companies to get away with.