Several companies in the individual health insurance market currently offer 2 or even 3 year rate guarantees. But with the increased costs facing insurers in the wake of the new health care reform law, that is ending. Assurant has already announced that they will not accept any applications for plans with 2 or 3 year rate guarantees after May 14. Blue Cross Blue Shield has already discontinued their extended rate guarantees in many states, and will be eliminating even 1 year rate guarantees in most states. Expect announcements from World and Golden Rule soon.
This is as to be expected. The masses who believed Obama when he said words about making health insurance “more affordable” will soon be facing a rude wake-up call.