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Florida Health Insurance – Why Did My Rates Go Up?

It happens over and over again. Floridians purchase a health insurance plan for their family and are very happy with the coverage they have selected, but as soon as they are finally settled in and familiar with it, the yearly renewal comes around and ruins everything.

What happened? The infamous RATE INCREASE! Take a minute and follow along as the Integrity Insurance Brokers Blog addresses rate increases in health insurance, why they happen, and tips to make sure your family keeps the same quality coverage at an affordable price.



Policyholders receive yearly rate increases in their health insurance for a number of different reasons. The most obvious would be age. That’s right, you are almost guaranteed to get a rate increase each year because you have gotten a year older. The insurance company cannot charge a 40 year old the same rate as a 41 year old because the chance of getting sick or hurt rises with age. Another reason is claims. Some insurance companies will single a policyholder out for a rate increase if they file major claims. Utilization of health insurance for a zip code also impacts the individual rates. Did you know that if a high number of claims are submitted from policyholders in your county or zip code with the same carrier as you, that it can cause your health insurance rates to go up? That is because it’s now statistically more likely that someone in your zip code will cost an insurance company more money than before. Furthermore, carriers sometime have renewal rates that are different than new business rates. Quite simply, they charge current policyholders more than new members.


You have options! Many insurance companies expect an insured to just accept the rate increase so they can keep their current health coverage that they are comfortable with. They know that most people are resistant to change, so they pay the higher rate out of fear. What they don’t tell you is that if you shop around for a better rate, many insurance companies will be glad to quote you at the new business rates instead of having to accept the renewal rate. Often times you can find a better health insurance rate by getting a new quote. Granted, it’s not recommended to switch health insurance coverage every year, but if there is a significant difference in price, definitely ask questions to see if switching might be right for you.

Contact your broker if you got a large rate increase in your health insurance this year. If you do not have a broker, we can assist you and provide you with competitive quotes. Get a free health insurance quote today.

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