MIAMI — First it was home insurance. Then it was car insurance. Now, some South Floridians could see a dramatic increase in their health insurance costs.
Industry analysts are predicting a big increase in health insurance costs in 2024. Open enrolment for health plans is about to begin, and the true costs will be revealed.
For the private health insurance offered by many companies, employees could see their premiums go up anywhere from 5 to 20 per cent, according to health insurance experts.
The increase is being blamed in part on inflation, rising healthcare costs and the COVID-19 pandemic.
At the 30-employee Van Horn Law Group, employees have seen their health insurance premiums increase by 10 to 15 percent each year for the past several years.
Although the bankruptcy firm is doing well, it doesn’t make enough money to cover the rising health care costs. The company pays 50 per cent of the workers’ healthcare costs.
“Wages are going up, but it’s not keeping up,” said founder Chad Van Horn.
Employee LaVerne Wallace was paying nearly $500 a month for health insurance before she switched to the open market in April.
She now pays about $200 a month under the Affordable Care Act, but the plan has a downside.
“It was hard to find doctors who would take it,” she said. “And I lost my family doctor.”
Anticipating even higher health insurance costs next year, Van Horn said he is looking for ways to help his employees shoulder the cost.
