Florida Health Insurance

Last Updated on September 22, 2020 by Andrew Lee

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Florida remains one of the states with the high uninsured rating. However, the number of people who enrolled in 2016 for health insurance plans was also one of the highest among all states.

Higher rates, coupled with a decrease in insurance providers, are some of the things you can expect today. This you should take the time to learn as much as you can about the changes that took place (and will still will), in order for you to make the wisest selection of the available metal tiers.

The state’s uninsured rating: Before and now

One of the major factors insurers use to calculate premiums for a certain area is its uninsured rating. And because FL has quite a high number of residents without insurance, consumers here have to continuously face considerable rate increases.

The good news is, this year’s rate increases average only to 19.1%, significantly lower than the 25% national average. A primary reason behind this is the 8.0% reduction in its uninsured rating from 2010 to 2015. During 2015, the state, with an estimated population of 20,271,272 (2015, latest data) only had a 13.3% uninsured rating. 1,597,000 more obtained insurance, according to a report from the U.S. Department of Health & Human Services.

Health performance of the state

The 2015 State Health System Performance that The Commonwealth Fund conducted ranked Florida 37th (out of 51). Although it performed poorly in almost all areas (Access, Prevention & Treatment, Avoidable Hospital Use & Costs, and Equity), it did rank 22nd under the “Healthy Lives” category.

Take a look at some of the noteworthy findings of the study:

  • Mortality amenable to healthcare: 80 out of 100,000 people
  • Breast cancer fatalities: 19.6 out of 100,000 women
  • Colorectal cancer fatalities: 13.7 out of 100,000 individuals
  • Percentage of adult smokers: 17%
  • Adult obesity: 27%
  • Obesity in children aged 10-17: 28%

Here are a few statistical comparisons between the state and the country, under the indicator, “Access:”

  • 24% of adults (19 to 64 years old) don’t have insurance, compared with the national average of 15%
  • 10% of children (infants to 18 years old) are uninsured, as opposed to the countrywide average of 6%
  • 18% of the adult population chose not to obtain insurance due to the high costs associated with it
  • 15% of adults had expensive out-of-pocket medical bills

The portion of the bill your insurer will cover

Regardless of the plan you have, your insurance provider will shoulder a bigger portion of incurred medical and hospital bills. How big the percentage is will depend on the type of metal tier you are insured with:e to cover:

Bronze – 60%

Silver – 70%

Gold – 80%

Platinum – 90%

It’s a given; health insurance rate increases happen every year. This isn’t uniform throughout all the states and cities though, which is why you should keep yourself abreast of the hikes to have an idea how much your potential premium average is. The United States Department of Health & Human Services has provided the following 2017 projections for the Sunshine State:

  • Average lowest-cost, monthly premium within metal level: $407
  • The average net premium for the lowest-cost plan within the metal tier: $74
  • Second-lowest silver before advance premium tax credit (for a 27-year old with a $25,000 household income): $270
  • Second-lowest silver after advance premium tax credit (for a 27-year old with a $25,000 household income): $142
  • Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $979
  • Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $405

Avoid unnecessary high out-of-pocket expenses with sufficient coverage

Your health insurance coverage not only protects you financially; it can also help save your life, seeing as the costs of medical and hospital services continue to go up. With sufficient coverage, you can keep your health in great condition while also reducing your risk of going into medical bankruptcy.