2016 PPACA Rates: What You Need to Watch
Open enrollment for the Patient Protection and Affordable Care Act (PPACA) is November 1, 2015 through January 31, 2016. If these dates look different from last year, it is because the open enrollment period has changed once again. Many insurance providers were watching the Supreme Court case King vs. Burwell closely. If the Supreme Court had ruled the subsidies on the federal exchange as invalid, states could have risen their rates by 50 percent. With the June 25th ruling upholding the subsidies, the uncertainty of the PPACA has been avoided.
With the subsidies now in place, 2016 rate proposals are being watched closely. The PPACA included a June 1 deadline for any insurance companies requesting a 10% or higher rate hike for plans sold on the exchange. Of the rates that have been disclosed, a majority falls into the 15-20% range. Companies are justifying the increase to cover older Americans and less-than-healthy individuals. Why is this important even if you do not use the PPACA for health insurance? Insurers are hinting that more rate increases are in the works and they will be widespread.
We suggest having our experts look at your current coverage and discuss you or your business’s options. Give us a call at 417.358.4007 to start the conversation today.