2019 Medical Premiums to Surge – A New Strategy NeededRyan Hogan
The challenges continue in the health market as next years projections are showing premiums surging once again. A couple early releases showing 64% and 91% increases in some states. The majority of states are looking at 20%-40% increases.
“I believe we’ve been in a death spiral for a year or two,” says Insurance Commissioner Al Redmer Jr. The ACA needs to be fixed before a permenant solution becomes available. States are looking at temporary solutions to bring relief such as reinsurance.
As advisors our challenges will be to find creative solutions for our clients that provide for them for their health needs as well as protect their pocket books. High deductible health plans with supplemental benefits could just be the key. For healthy families they may even consider self-insuring. Whatever the solution may be we can be sure that some interesting options may present itself in the near future as insurers are now allowed to sell skimpier plans with the penalty gone. The only question is… is that what is best for your client?
Read the full article “Individual Major Medical Premiums to Surge Next Year, Early Requests Show”
Al Redmer Jr. says Maryland’s market is in a death spiral.
By John Tozzi | May 07, 2018 at 06:28 PM