Since last two years, renew fee has been increasing of health insurance policies in Massachusetts. Though the renew rate is moderate, the total percentage has increased by 0.7% in last two years.
Recently, it was announced that the renew fee from Oct. 1 has been raised by 2.1%. As per experts, the amount is said to be quite modest, as last time rise was of 5.5%. However, the point is that even these little changes are proving costly to people.
It was the state Division of Insurance, which collected the data and found that the rates have been hiked by 0.7%. The increase can be put on hold for small industry companies as well as for those, who are self employed, but in order to do the same, people need to put a request application in front of authorities concerned.
Barbara Anthony, who is the state undersecretary for business regulation, said, “Compared to where we were two years ago when average base rate increases were in the teens, they’re now in the low single digits”.
Anthony further asserted that they are hoping that the government would not increase the prices any further, and if they have to then it should be quite low.
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