Let us walk you through the many Florida health insurance plans available to you and your family before you commit to one. First, though, here are some fast-paced health insurance stats for the state of Florida: By 2020, over two million Floridians will have enrolled in health insurance through the ACA marketplace. The uninsured rate in Florida peaked at 21.3% in 2010 before the Affordable Care Act was passed. The rate fell to 13.2% in 2019.
Florida’s Expensive Health Insurance
Recent reports put the annual premium for individual health insurance in Florida at $7,389, which is more than the national average. This amounts to $29,556 for a household of four. There would be an increase of $407 in annual healthcare costs per person. The cost of treatment and the insured population both have a major role in determining how much health insurance will cost. Comprehensive group and individual insurance premium averages are determined using the information submitted to the state department of insurance. There are an estimated 1,605,710 people enrolled in group health insurance and 1,925,051 people enrolled in individual health insurance.
Not included are the optional riders that some insurance companies provide, such as vision and dental coverage. The per-person cost of Medicaid is calculated by dividing the Kaiser Family Foundation’s statistics on Medicaid enrollment by data from Macpac.gov. State and federal spending on Medicaid are both accounted for in the data. CMS.gov statistics are split by Kaiser Family Foundation data on Medicare coverage levels to arrive at per-person expenses. These healthcare insurance cost inflation rate adjustments were made using CMS data from 2014.
The Competitive Landscape in the Health Care Industry
New medical facilities must often go through an approval process by specialised boards in the majority of states. We refer to these panels as “certificate of necessity” (CON) boards. To ensure there is a genuine requirement for additional infrastructure, these boards issue official certifications of such a necessity. With CON boards in place, fewer businesses are willing to offer their services, driving up prices for consumers. In order to put a dollar amount on the impact of anti-competitive laws, ValChoice compared the cost of healthcare in states with and without CON boards. Compared to states without CON requirements, the average cost of health care in states with them is $664 more per covered individual.
Alabama, Arkansas, Alaska, Louisiana, Maine, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Illinois, Iowa, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska, Nevada, Missouri, Montana, New Hampshire*, New Jersey, New York, North Carolina, Oklahoma, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, Washington, and Wisconsin are all taken into account as having CON requirements. As far as I know, other states’ CON boards don’t mandate certification for practitioners. Since the recent changes in CON regulations have not yet had a major influence on the cost of healthcare in the state, we count New Hampshire and Wisconsin among the states with CON requirements.
Where to go for the most affordable and comprehensive health coverage in the state of Florida
When it comes to your health care, premiums aren’t the only thing that will cost you money. If you want to get the best deal on medical treatment, it’s just as vital to evaluate out-of-pocket charges like deductibles, copays, and coinsurance as it is to compare premiums. Your income and anticipated medical expenses will determine the ideal low-cost health insurance plan for you and your loved ones. Plans with larger cost-sharing benefits should be chosen for families that anticipate significant medical expenses. Conversely, people who anticipate needing less routine care may choose to shop around for more affordable options.
View Silver Packages First
If you’re not in excellent condition or expecting to incur substantial medical costs, Silver health plans are a good place to start when researching your options. These plans offer a compromise between the high monthly premiums and the high cost-sharing obligations associated with healthcare. You can only get cost-sharing reductions, which further lower your copays, coinsurance, and deductibles, if your household income is below 250% of the federal poverty line, with the Silver plans on the Florida exchange.