Will Ga., S.C. health insurance rates rise in 2023?

AUGUSTA, Ga. (WRDW/WAGT) – A new study shows that health insurance rates could potentially increase in 2023.

According to the 2023 Cost of Health Insurance study, from 2022 to 2023, health insurance rates across the nation increased by four percent, while Georgia saw the largest year-over-year jump in health insurance costs for a 40-year-old on a silver plan, increasing by 20 percent.

Including Georgia, 36 states had their rates increase on average from 2022 to 2023, the report states.

Georgia’s 2022 average cost for health insurance was $394 dollars. The predicted average cost for 2023 is $474 dollars, increasing by about $80 dollars, according to the report.

However, Georgia’s price is still reasonably priced when compared to the rest of the country.

South Carolina’s 2022 average cost was $436 dollars, but only increasing $33 dollars in 2023.

According to the report, for the 15 million Americans who could be unenrolled from Medicaid and the Children’s Health Insurance Program when the end of COVID-19 emergency health declaration in the U.S. happens in early 2023, getting health insurance will be a huge financial burden, especially in states like Georgia, which does not have expanded Medicare coverage.

For a particular health insurance plan, the cost of coverage is determined by certain factors set by law. States can limit the degree to which these factors impact your rates.

Factors including:

• Age
• Where you live
• Smoking/tobacco use
• Number of people insured

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