Health insurance costs are expected to soar, insurers say

Health insurance is expected to skyrocket as more people move to the health insurance marketplaces.The U.S. Centers for Disease Control and Prevention says it expects the number of uninsured Americans to nearly double by 2024 to nearly 5.5 million.The cost of health insurance is also expected to double to $1.6 trillion, from $1 trillion in…

Published by admin inAugust 18, 2021
Tags: , ,

Health insurance is expected to skyrocket as more people move to the health insurance marketplaces.

The U.S. Centers for Disease Control and Prevention says it expects the number of uninsured Americans to nearly double by 2024 to nearly 5.5 million.

The cost of health insurance is also expected to double to $1.6 trillion, from $1 trillion in 2024, according to the National Association of Insurance Commissioners.

And those numbers don’t include what some experts say is a huge jump in the number being denied insurance.

A number of insurers are now reporting a dramatic jump in their insurance rates as people enter the marketplaces, which is creating a huge burden on their business, said Tim Rydstrom, a health policy consultant.

The federal government is helping states make decisions about the coverage they offer.

But it’s not enough to offset what insurance companies are charging, said the health care industry analyst for the American Hospital Association.

Rydstrom says that’s partly because of the federal government’s recent changes to the individual mandate, which mandates individuals to buy insurance or pay a penalty.

He says the change may not have been entirely good, but it could be helping insurers in the long run.

The Congressional Budget Office said Thursday that the new mandate could cause more Americans to lose their health insurance.

It’s not clear if that means the number will increase or decrease.

But the CBO estimates the mandate could increase premiums by about 4 percent.

And while many insurers are reporting higher rates because of new policies being offered through the exchanges, they’re still expected to increase rates because the market is more competitive now than it was in the past.