After reading an article titled: "MN Insurance Premiums Jump, State Calls Increases 'Unsustainable,'" by Katharine Grayson of the Minneapolis / St. Paul Business Journal, we felt compelled to share some of that information. We are well aware that this topic is of great interest and concern to our clients. Here are some of the facts Katharine references in her article that are alarming:
- Minnesota insurers will increase rates for individual health plans by an average of more than 50% in 2017.
- The insurer with the smallest approved rate increases in the individual market was HealthPartners, although it still received a 50% rate hike on average.
- The largest rate increase is for UCare, which received a premium increase of nearly 67%.
- Rate hikes in the small-group market (businesses with 50 or less workers) were considerably less, ranging from a decline of 1% to an increase of 14.8%.
Based on the above information, we feel it is increasingly important to understand what health care costs could look like for you, and the impact those costs could have on your retirement cash flow needs, especially if you anticipate retiring before age 65.
If you have any questions regarding your specific situation, please contact SWA as we have resources that can work with you, on an individual basis, to help find the best solution for you.