Rising Rates: A New Normal?
According to a recent New York Times article, health insurance companies around the country are requesting rate increases ranging from 20 percent to 40 percent and more for individual health insurance policies.
High utilization of these plans continues to plague the carriers as premiums are just not sufficient to cover the claims.
In many instances, loss ratios of over 100% make current premiums unsustainable. Since this is the first full year of mature claims data, this “new normal” will hopefully stabilize over the next 36 months. In the meantime, you can rely on the Caravus team of individual insurance specialists to provide the appropriate advice for your situation. We’re always available to analyze plan options and make solid recommendations based on our analysis.
We know the market instability can cause a bit of anxiety for consumers but we live by our mission of simplifying the complex choice of health coverage. We want you to be able to navigate your health plan in a way that you feel secure, comfortable, and free to focus on what matters to you.