While premiums may rise for some Florida residents, other residents who qualify for federal subsidies and select popular plans may see big savings, according to Sun Sentinel.
Here are seven facts:
1. Florida's Office of Insurance Regulation announced premiums for individual major medical plans sold on and off the federal exchange will rise an average of 9.5 percent starting Jan. 1.
2. Federal subsidies will rise to offset the premium hikes, resulting in a decrease in premiums for individual and families who qualify for federal subsidies.
3. The increased rates indicates the increased consumption of services by consumers who use health insurance for the first time under the Affordable Care Act and expand their coverage to keep their children on the plan up to age 26.
4. Additionally, factors such as an end of restriction on coverage pre-existing conditions, the end of the lifetime benefits cap and the phasing out of Medicare Part D have attributed to the rising rates.
5. Some experts project the annual increase will level off after five to 10 years, but will cost residents a substantial amount of money in the short term.
6. The Office of Insurance Regulation approved rate filings submitted in May by 19 health insurance companies, resulting in the 9.5 percent increase for 2016.
7. The Office of Insurance Regulation regained authority this year to approve or deny requested rate changes. In 2014 and 2015, the Office of Insurance Regulation was barred by the state law from regulating rates.
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