July 25, 2023
Medicaid redetermination, inflation, and the return to “normal” after the pandemic could all affect the cost of health coverage next year, according to a new report from the American Academy of Actuaries.
The report, published annually, outlines the factors likely to drive changes in premiums in the individual and small group market for the next plan year.
“Although the uncertainty in predicting health care utilization and spending created by the effects of COVID-19 pandemic has subsided, the end of the public health emergency and changes in market regulations for 2024 introduce new sources of uncertainty into health spending projections,” the report notes.
Here are five takeaways from the report:
“Rate setting in the ACA-compliant individual and small group markets is complex, and pricing actuaries consider a wide range of factors when determining rate levels,” the report concludes. “How 2024 premiums will differ from those in 2023 depends on many factors.”
The 2023 issue brief from the American Academy of Actuaries is available online.
Tags: Access to Care | Insurance | Telehealth | Affordable Prescription Drugs | Medicaid
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