Get informed about 2023 insurance changes, including rising costs and new options for health, auto, and home insurance. Learn how to save money and stay covered.
As we enter a new year, it’s important to stay informed about changes to insurance coverage and costs in 2023. According to recent data from Insurify, auto insurance premiums are expected to rise by about 7% this year [1]. On the other hand, some changes to health insurance subsidies can help more people access coverage, regardless of their income level [5]. Meanwhile, home insurance rates may continue to rise due to inflation and natural disasters [4].
Whether you’re looking to save money or simply stay informed, here’s what you need to know about insurance in 2023.
Auto Insurance
With rising auto insurance premiums, it’s important to explore your options for saving money on coverage. Some strategies to consider include:
- Shopping around for the best rates from different insurers.
- Raising your deductible, which can lower your monthly premiums.
- Taking advantage of discounts for good driving habits, such as safe driving or having a car equipped with safety features.
It’s also important to make sure you have the right amount of coverage for your needs. Consider factors such as your car’s value, your driving history, and your personal finances when choosing a policy.
Health Insurance
Changes to health insurance subsidies can help more people access coverage in 2023. The income cap for subsidy eligibility has been eliminated through the end of 2025, meaning that people with higher incomes may qualify for premium subsidies [5]. Additionally, Medicaid and the Children’s Health Insurance Program (CHIP) continue to be options for those who meet eligibility requirements [2].
When shopping for health insurance, be sure to consider factors such as your healthcare needs, your budget, and the coverage options available in your area. You may also want to explore options such as Health Savings Accounts (HSAs), which can help you save money on healthcare expenses.
Home Insurance
If you’re a homeowner, you may be facing rising home insurance rates due to inflation and natural disasters. While it may be difficult to avoid these rate increases, there are some steps you can take to save money on coverage. For example:
- Bundling your home insurance with other policies, such as auto insurance, may help you save money on premiums.
- Increasing your deductible can also lower your monthly payments.
- Maintaining a good credit score can help you qualify for better rates from insurers.
It’s also important to make sure you have the right amount of coverage for your home and belongings. Review your policy regularly to ensure it reflects any changes in your home or lifestyle.
Conclusion
In conclusion, 2023 is shaping up to be a year of changes and challenges for insurance coverage and costs. Whether you’re shopping for auto, health, or home insurance, it’s important to stay informed about your options and take steps to save money on coverage. By exploring different policies, raising