Can my Health Insurance Company Increase my Premium?

As a consumer who pays for health insurance every month you are well aware of a couple things: 1. when your bill is due. 2. How much money you need to pay every month. If you know these details and follow them you will always have the right health insurance in place. That is until your health insurance company decides they are going to increase your premium. Is this something that they can do without notice? Believe it or not, your health insurance company can increase your premium. That being said, they have to give you notice so you can either make arrangements to pay more or to find a new provider.

Why would my health insurance company raise my premium? The most common reason for this is to keep up with the economy as well as the industry as a whole. As the cost of healthcare increases so does the cost of health insurance coverage; this only makes sense. You may get lucky and avoid increases for the time being, but soon enough there is a very good chance that your health insurance company is going to send you that dreaded letter that says how much more you are going to have to pay for coverage.

There is no law saying that your health insurance company has to keep your premium the same year after year. In fact, there are not too many people who are lucky enough to pay the same amount for an extended period of time.

If you don’t want to pay more you have the right to a new policy with your current company, or to branch out and find a new provider.

So the answer to the question is yes. Your health insurance company can increase your premium. But this does not mean that you have to pay it.