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Delawareans Face Substantial Health Insurance Increases
Health insurance premiums are showing sharp increases across the country, with Delaware leading the way. An April survey by Morgan Stanley of brokers who sell coverage in the individual and small group market shows the largest acceleration in small and individual group rates over the 12 prior quarterly periods in which the survey was conducted. The average increases are in excess of 11% in the small group market and 12% in the individual market. Delaware, unfortunately, had the highest increase of any state, with premiums in the individual insurance market (those sold direct to consumers) increasing by 100%. In neighboring Pennsylvania, the rate of increase was 28% - still high, but nowhere near what Delawareans face. Other states with large increases were: New Hampshire 90%; Indiana 54%; California 53%; Connecticut 45%; Michigan 36%; Florida 37%; Georgia 29%; and Kentucky 29%,
Author: John H. Newcomer, Jr. chairs the Real Estate Practice at Morris James LLP and is a member of its Healthcare Industry Team.