Inflation & Health Insurance Premiums

Jon Courchaine (Owner-Aloe Health Insurance)-Published 05/20/2023

Inflation has been a serious issue over the past couple of years. Inflation is not able to reflect into the cost of health benefits right away. After a year of inflation seeping into the economy, including hospital expenses increasing due to demand and lack of supplies being sold at a premium to hospitals, Health Insurance premiums are adjusted. The overall inflation rate in 2022 rose about 8%. Health Insurance premiums rose 3.2%. There is a large gap in these 2 numbers. Experts are expecting a significant increase in Health Insurance Premiums in 2023.

When does your policy expire? Some people have to renew their Health Insurance every year, 2 or 3. You may want to make sure you don't end up renewing your policy while prices are Inflated. Be pro active and lock in a new rate for 2-3 years.

We are always available to look over your policy to make sure everything is on the up and up. Give us a call and let us help you out before inflation affects your options.