Individual Health Insurance Rates Rising
More people are shopping for individual health insurance these days. Golden Rule, says their sales are up 24% over the the past two months. In addition, ehealthinsurance.com reports that submitted applications were up 18% in the 4Q, over 4Q in 2007.
Along with the increases in individual health insurance shoppers, health insurance rates have increased as well:
- About 80% of Anthem Blue Cross of California’s individual health insurance policy holders will receive double-digit rate increases shorty, and some will receive increases over 30% or more.
- Blue Cross Blue Shield of Michigan is seeking state approval to increase monthly premiums by 56%
- Lifewise raised rates in Washington by 17.6% effective January 1. In addition, Blue Cross Blue Shield of Oregon raised rates for their Washington state members by nearly 30% on avg.
For perspective, group health insurance premiums increased by roughly 5% in 2008.
