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On August 7, 2013 the Florida Office of Insurance Regulation (FOIR) released proposed individual health insurance plan rates and carriers for the Florida Health Insurance Exchange. The FOIR also released analysis of these plan rates in comparison to the current market. On average, individual health insurance plans offered through the exchange will increase 30%40%. However, most Florida residents will be eligible for health insurance premium subsidies that will cap their premium cost at 2%-9.5% of household income, depending on income (read more on health insurance premium subsidies here).
The requirement that health insurance coverage be offered to everyone, even if they have a preexisting medical condition The requirement that new benefits be offered, such as for substance abuse and mental health conditions The requirement that insurers charge the same health plan costs to men and women The limitation on how much your age can affect health plan costs New taxes and fees
According to the Miami Herald, the smallest premium increase is a 7% increase from an HMO plan of Humana, which rose from $293 to $315. The largest increase comes from a Sunshine State Health Plan, which went up from $293 to $464, a 59% increase.
Currently many Florida insurance plans offer extremely low coverage health plans at cheap rates that only cover catastrophic events. Starting January 1, 2014 these plans will no longer be allowed, as every plan is required to cover a set of essential health benefits as defined by the federal government. In addition, insurance companies will no longer be able to deny coverage to the 7.8 million non-elderly Floridians with pre-existing medical conditions, and will be restricted on what they can charge elderly citizens for out-of-pocket expenses.