Kim Greene warned her small-business clients that 2014 would be ugly.
But not like this.
At the start of last month, renewal notices for health plans that take effect in January began arriving at her insurance brokerage, Name Benefits in Hillsborough. And as she opened each notice, it became apparent to her just how confusing, complex and, in many cases, costly health insurance will be for small businesses next year.
“Sixty-eight percent, 43 percent, 40 percent,” Greene said as she read off the rate hikes that her small-employer clients are facing in 2014. “Wow, 70.33 percent.”
“I’ve never seen anything like this,” she said. “Before the (Affordable Care Act), the highest increase I saw was 47 percent, but it was an old plan with very rich benefits.”