The Indiana Department of Insurance issued an alert today stating that health insurance rates for hoosiers will increase by an average of 74% in 2014.
As a result of the federal Affordable Care Act, individual health insurance rates in Indiana will increase by an average of 72% in 2014 according to Logan Harrison, Chief Deputy Commissioner at the Indiana Department of Insurance. Small group rates will increase by 8%.
Harrison commented, “This new data regrettably confirms the negative impact of the Affordable Care Act on the insurance market in Indiana. The Affordable Care Act requires many Hoosiers to purchase more comprehensive and more expensive health insurance than they may want or need. These rates call into question just how affordable health insurance will really be for many Hoosiers.”