Got some bad news today.
We received correspondence from our company’s health insurance broker explaining what we are facing with the ACA after January 1, 2014. This will be a hard pill to swallow:
“…your current risk factor rating with [Insurance Company] is .80, on a scale of .75 to 1.25. When January 1st rolls around, [under the ACA] all small groups will be moving to a “community rate”, which … is currently 1.06-1.08. There is a 67% spread between the .75 and 1.25 rates – so… your rates will increase quite significantly at your 4/1/14 renewal.”
Current Monthly Premium: $7,504
April, 2014 ACA Premium: $11,101 (48% increase WITH the ACA)
Premium Before Obamacare: 90048.00
Premium After Obamacare: 133212.00