When to Expect Premium Rate Adjustments

Whether you are on a group plan sponsored by your employer or own your own health insurance policy, rate increases are a fact of life.
Group plans have rate increases once per year on the anniversary of the plan.
Employers decide whether to:
• Accept the increase and make no adjustments to the plan
• Modify the plan benefits to lessen the impact of the increase
• Change to a new insurance carrier that has more competitive rates for similar coverage.

Individually owned policies typically have an initial rate guaranty period of 12, 24 or even 36 months. After this initial period rates can adjust annually on the anniversary of the policy and at age changes for the members of the family covered throughout the year.
Individuals/Families decide whether to:
• Accept the rate adjustment and continue the coverage without any changes
• Make changes to the plan benefits such as;  increasing the deductible or changing to a lesser plan with the same   carrier (without additional underwriting)
• Change to a plan with another carrier with more competitive rates (underwriting necessary).

At IQ HSA we assist our clients with the appropriate way of handling the increases they receive and managing their plan from year to year.

Get quotes for individual/family health insurance in Arizona here. Contact us today at 602-510-7507 to find out how an HSA can benefit you.