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Individuals' health insurance costs increasePosted On Mon, June 21, 2010
Consumers that have begun paying more for their health insurance might take some solace in the fact that they're not alone.
U.S. health insurers are raising prices by an average of 20 percent for adults under 65 years old that are buying individual policies, according to a new report from the Kaiser Family Group. About 14 million Americans fall into this category. About 77 percent of consumers who are not part of group coverage face such increases with a current or prior insurer.
The report said that while most simply pay the increase, 16 percent of all policyholders switched plans, either buying a cheaper policy with the same company or getting a new one altogether. While those consumers may have saved some money, they are still paying a 13 percent higher rate.
Those that do not get their insurance through an employer pay an average premium of $7,102 compared to $4,824 for those that do not pay for their own coverage, the report said. These plans also typically have higher deductibles.
A Reuters report said that despite making up a small portion of the health insurance policyholders in the country, non-group consumers have faced stiffer penalties than others, with rate increases of up to 39 percent.
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