Yes there is another medical insurance wave of increases coming with no end in sight. We are talking about the individual pre-65 year of age population. Those currently insured without subsidy assistance because they “make too much” will be faced with double digit increases. These individuals include contractors, sole-props, business owners with only one employee that waive coverage, and any other person that does not have employer sponsored coverage. NJ decided to continue the individual mandate to continue issuing fines to people that decide not to take medical insurance coverage starting in 2019. Although that helps that is merely a finger in the dike. 55 – 64 year old population who may need insurance the most are going to see their premiums double. Possibly year over year.
We push for transparency and are starting to head in the right direction. Consumerism must be driven all the way down to individuals. What is the cost of an MRI, X-Ray, regular exam? No one can really answer this. Individuals that do not have the opportunity to enroll in a large self insured employer population have to fend for themselves and have no choice but to fully insure, or drop it despite penalties and fly by the seat of their pants. Insurance coverage is there to help you in your time of need not break the bank.
NJAHU for years has been advocating for not only businesses but also individuals in regards to doing what is best for consumers. The process has been a long one, but Trenton is starting to take notice and act. Example the Out of Network Bill. I am thankful to be apart of the association and look for to helping our individual population.