How Much Will Oxford Health Insurance Increase in 2016?

The recent announcement by Oxford Health Insurance regarding theirpremium increasefor 2016 has caused concern among policyholders. Many are wondering how much their premiums will increase and what factors are contributing to the rise. As an English insurance consultant, I am here to provide a detailed explanation and offer some tips on how to choose the bestinsurance planfor your needs.

Factors contributing to the increase

Several factors are contributing to the increase in Oxford Health Insurance premiums for 2016. One of the most significant is the rising cost of healthcare in the United States. Medical inflation has been steadily increasing over the past few years, and this has had a direct impact on insurance premiums. Additionally, the Affordable Care Act has played a role in the increase, as it requires insurance companies to cover a wider range of services than they did before.

Another factor contributing to the increase is the aging population. As the baby boomer generation ages, there is a greater demand for healthcare services. This increased demand has put pressure on insurance companies to raise premiums to cover the costs.

Finally, changes in healthcare policy and regulations have also contributed to the increase. For example, the elimination of the individual mandate penalty has led to a decrease in healthy individuals signing up for insurance, which has resulted in higher costs for those who remain insured.

How much will premiums increase?

The exact amount that premiums will increase for Oxford Health Insurance policyholders will depend on several factors, including the policyholder’s age, location, and level of coverage. However, the average increase is expected to be around 6 percent. This means that policyholders can expect to pay around $200 more per year for their coverage.

Tips for choosing the best insurance plan

With premiums on the rise, it’s more important than ever to choose the best insurance plan for your needs. Here are some tips to help you make an informed decision:

1. Consider your needs: Before you begin shopping for insurance, take the time to assess your healthcare needs. Do you have any chronic conditions that require regular doctor visits or medications? Are you planning on having a baby in the next year or two? Knowing your needs will help you choose a plan that provides the coverage you require.

2. Compare plans: Don’t just choose the first plan you come across. Take the time to compare different plans and see which one offers the best value for your money. Consider the premiums, deductibles, co-pays, and out-of-pocket limits.

3. Look for incentives: Many insurance plans offer incentives to help you save money. For example, some plans offer discounts for staying healthy, while others offer rewards for completing wellness programs.

Examples of insurance plans

To give you an idea of the different types of insurance plans available, here are a few examples:

1. Health Maintenance Organization (HMO): HMOs typically have lower premiums but require you to choose a primary care physician and get referrals to see specialists.

2. Preferred Provider Organization (PPO): PPOs offer more flexibility in terms of choosing doctors and specialists but typically have higher premiums.

3. High-Deductible Health Plan (HDHP): HDHPs have lower premiums but require you to pay a higher deductible before your insurance kicks in.

Conclusion

While the increase in Oxford Health Insurance premiums may be concerning, it’s important to remember that risinghealthcare costsare affecting all insurance companies. By taking the time to assess your needs, compare plans, and look for incentives, you can choose a plan that provides the coverage you require at a price you can afford.