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Frisco health insurance premiums for Affordable Care Act health plans may increase by over 90 percent by the year 2021 according to a new report recently published. The dismal forecast is primarily due to recent federal changes implemented by the Trump administration.
The largest single impact will come from the repeal of the ACA’s individual mandate penalty. This law, previously a major component of ACA (commonly referred to as Obamacare), required all Americans to carry health coverage or incur a financial penalty. Experts believe that this will increase premiums by 7 to 15 percent next year and as much as 10 percent each of the following two years.
The Trump administration’s Department of Health and Human Services (HHS) has also shortened the window for signing up for for consumers to buy ACA health plans. Also, health insurance in Frisco has seen less marketing and public awareness efforts. Consequently, the pool of individuals within ACA-related health exchanges will be smaller, leading to increased costs for providers.
Financial analysis compiled for health care costs reflect states that have resisted full implementation of Obamacare showing the greatest increase in premium increases. Texas, along with other southern and Midwest states, have been assigned the “catastrophic” tag because of the large jump in costs for consumers. Frisco health insurance agent Rick Thornton from Insurance4Dallas is rightly concerned. “Poor and sick people will gravitate to the individual market for insurance since they’ll get subsidies. Middle class families on the other hand could find themselves unable to afford these premium changes. This is an unsettling report.”
The Trump administration has argued that low-coverage health plans known as ‘association’ plans will provide greater flexibility and lower costs for consumers. This technically may be true but the new report suggests it may also have unintended consequences for the health care market in the near future.
Insurance4Dallas, (I4D), helps insure all of Texas, Oklahoma, Arkansas, Arizona, Louisiana, New Mexico, Alabama, Virginia and Florida. Insurance4Dallas provides consumers with detailed information on health insurance with the ability to purchase health insurance online. Insurance4Dallas provides a full spectrum of health, dental, vision, life and ancillary insurance products, providing a diverse selection of price and benefit options complemented by personal customer service. Available via phone, email or fax, Insurance4Dallas answers consumer questions throughout the purchasing process and during the utilization of its health insurance policies.
Release ID: 316670