The mercury is not the only thing on the rise in Arizona.
The 165,000 Arizona residents who purchased their 2015 health insurance on the federal marketplace will be shocked to find their monthly rates for 2016 increasing by 17.5% – more than twice the average rate increase over the rest of the country. Many health insurance companies who sell in Arizona are increasing their rates by at least ten percent. They say 2016 rates will be more realistic prices than the first two years of Obamacare because they have now determined how often the newly-insured patients use their insurance.
The amount paid by individuals is determined by age, residence, smoking status, and type of plan. Phoenix has had some of the lowest premiums in the whole country; new rates for a single, 40-year-old, non-smoker will average $204 to $328 per month. Most people who buy plans on the federal marketplace, Healthcare.gov, will pay less than $100/month (after subsidies) in 2016. Those who remain uninsured must pay the IRS a penalty on their taxes at 2.5% of household income or $695 per adult, whichever amount is larger. Open enrollment for next year begins on November 1.
It is important to shop around when choosing health insurance, as well as when selecting your family’s out-of-network medical needs. MediBid saves patients hundreds to thousands of dollars on high quality medical care.
Alltucker, Ken. “HHS: Arizona health plan set for 17.5% rate hike.” Business. The Arizona Republic, 26 Oct 2015. Web. 27 Oct 2015.