Health insurance rates in Florida will rise by 5 to 20 percent in the small-group market, and 30 to 40 percent in the individual market, as the Affordable Care Act’s guaranteed coverage rule takes effect next year, Florida’s insurance commissioner said Monday.
It’s a measure of how tough Florida’s insurance market has been for adults with pre-existing conditions that the state’s rates will rise so much for individuals, Insurance Commissioner Kevin McCarty said in an interview with The Palm Beach Post. McCarty said the impact on people with large-group insurance will be negligible.
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MANDATORY HEALTH INSURANCE
Wednesday is the deadline for states to approve next year’s insurance plans. On Jan. 1, health insurance becomes mandatory and insurers can no longer exclude pre-existing conditions. Consumers can begin buying coverage and applying for subsidies in October.