With the enrollment period quickly approaching, I thought you should get a quick overview of some of the premium increases that may be heading your way. The cheapest silver plan is the basis of this analysis because it is the most commonly purchased plan in the ACA market exchange. The premiums of major cities in various state are observed due to their high population. Also, let it be known that these rate increases are not official and are still seen as preliminary data.
Now, let’s start with the marijuana-friendly city called Denver, Colorado. This highly populated area are expected to see a 14% increase in their health insurance premiums. At the start of 2016, the original cost was $266, but now it will be increasing to $304 for the year 2017.
Next up is Richmond, Virginia. This popular city in the east coast will have their premiums increased by 12% for the following year. The Old Dominion will hike their rates from $264 to $296 in 2017.
The city of Hartford, Connecticut will be facing similar increases as well. Their premiums will hike up 13%, going from $316 in 2016 to $358 for the following year.
New York City will have their rates increase by 16% as their premiums rise from $366 to $425 by the end of the 2016.
So far, the people in the areas already mentioned will be facing moderate increases in their premiums. Now, I will be listing the cities that will face substantial rate increases for their health policy.
The first city that will see a heavy increase in their premiums is our country’s capital, Washington D.C. This city’s rates will move from $228 to $275, which means they’ll be facing a 21% increase on their premiums.
Next up is Portland, Oregon. This area of Oregon will have a 26% increase on their premiums as their rates rise from $240 to $302.
Last but not least, the city with the largest premium increase is Nashville, Tennessee. Their rates will spike up by 27% as they were $262 in 2016 and now $333 starting in 2017.
There are multiple other cities that will also be increasing their health insurance rates, but they won’t be as significant. Make sure you are able to budget your finances in accordance to these rate hikes, especially if you live in one of the cities that I’ve listed above.
In regards to rural areas, I am unable to provide that information; however, you’re able to ask your state insurance department about the nature of your premiums. These are just a few of many cities that will be facing premium increases for next year, so make sure you’re up to date on the costs of your health insurance!