AUGUSTA, Ga. (WRDW/WAGT) – A new study shows that health insurance rates could potentially increase in 2023.
According to Health Insurance Cost Study 2023from 2022 to 2023, health insurance rates nationwide rose four percent, with Georgia seeing the largest year-over-year jump in health insurance costs for a 40-year-old on a silver plan, increased by 20 percent.
Including Georgia, 36 states saw their rates increase on average from 2022 to 2023, the report said.
Georgia 2022 average cost of health insurance it was $394. The projected average cost for 2023 is $474, an increase of about $80, according to the report.
However, Georgia’s price is still reasonably priced when compared to the rest of the country.
South Carolina’s average cost for 2022 was $436, but only increased $33 in 2023.
According to the report, for the 15 million Americans who may be disenrolled from Medicaid and the Children’s Health Insurance Program when the end of the US COVID-19 health emergency declaration occurs in early 2023, health insurance will be a huge financial burden . especially in states like Georgia, which does not have expanded Medicare coverage.
For a given health insurance plan, the cost of coverage is determined by several factors determined by law. States may limit the extent to which these factors affect your rates.
Factors that include:
- Age
- Where do you live
- Smoking/use of tobacco
- Number of insured persons
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