Is insurance going up in 2023?

Yes, insurance rates went up significantly across auto, home, and health sectors in 2023.

🚗 Auto Insurance

• Surging rates: Average rates jumped roughly 10% to 15% in 2023.
• Higher repair costs: Parts, specialized labor, and supply chain delays raised claim payouts.
• More accidents: Increased post-pandemic driving frequency fueled severe claims.

🏡 Homeowners Insurance

• Sharp increases: Premiums climbed by roughly 10% nationally during 2023.
• Climate risks: Frequent severe storms, floods, and wildfires drove up property losses.
• Rebuild inflation: Escalating costs for building materials and construction labor added pressure.

🏥 Health Insurance

• Rising medical trend: Underlying healthcare costs grew by 7.5% to over 8% in 2023.
• Post-pandemic shifts: Utilization rebounded and prescription drug prices steadily climbed.
• Medicaid unwinding: Continuous enrollment provisions expired in March 2023, shifting millions off Medicaid and altering risk pools.

Health and auto insurance costs are surging in 2026 due to the expiration of federal subsidies, higher medical and repair expenses, and an increase in severe claims.

Health Insurance Drivers

• Expired Subsidies: The expiration of enhanced Affordable Care Act (ACA) premium tax credits has driven up marketplace benchmark plans by over 21% on average.
• Sicker Risk Pools: As government subsidies end, many healthier individuals drop coverage, leaving a costlier, sicker pool of enrollees behind.
• High-Cost Treatments: The rising use of expensive specialty and injectable drugs—including GLP-1 weight-loss medications—is significantly increasing overall claims for insurers.
• Medical Inflation: Surging labor costs, hospital consolidation, and staffing shortages have forced providers to charge more for procedures, which flows directly into consumer premiums. Read more details on the CNBC Health Insurance Report.

Auto Insurance Drivers

• Expensive Repairs: Advanced vehicle technology (like built-in cameras, sensors, and computer calibrations) makes even minor collision repairs vastly more expensive.
• Severe Accidents: Persistently aggressive post-pandemic driving patterns have increased both the frequency and severity of traffic accidents.
• Extreme Weather: An increase in severe weather events—such as major storms, floods, and wildfires—has triggered a massive wave of comprehensive property and vehicle claims. You can track broader rate updates at Healthinsurance.org.

Yes, insurance premiums increased substantially in 2026, with reports from CNBC and policy experts confirming double-digit hikes across marketplace and employer-sponsored plans.

Key 2026 Premium Increases

• ACA Marketplace: Benchmark premiums rose by an average of 21.7% nationwide.
• Medicare Part B: The standard monthly premium increased to $202.90 (up from $185.00 in 2025).
• Federal Employees: Health benefits premiums increased by an average of 12.3% for 2026.

Main Causes

• Expiration of Subsidies: Enhanced federal Affordable Care Act tax credits expired at the end of 2025, raising out-of-pocket costs for many.
• Higher Drug Costs: Increased spending on high-cost prescription drugs, including GLP-1 medications, pushed rates higher.
• Inflation: General healthcare inflation, labor shortages, and provider consolidation contributed to overall cost growth.

Additional context and ongoing rate projections for the coming year are detailed by HealthInsurance.org.

You can calculate your specific 2026 health insurance costs and look up local options using the KFF Health Insurance Marketplace Calculator.

Your health insurance premium change in 2026 depends heavily on the type of coverage you have, as broad rate increases vary by market sector:

• ACA Marketplace (Obamacare): Benchmark premiums rose by an average of 21.7% in 2026, driven largely by the expiration of enhanced federal premium tax credits and the return of the income subsidy cliff. Net monthly premiums for many enrollees increased significantly.
• Employer-Sponsored Insurance: Average employer healthcare costs and worker premiums rose at a more modest rate of 6% to 7% in 2026, though specific increases depend on your employer's plan design.
• Federal Employees (FEHB): Federal employees and retirees saw an average increase of 12.3% in their share of health insurance premiums for 2026.
• Medicare Part B: The standard monthly premium for Medicare Part B was set at $202.90 for 2026.

Healthcare costs and insurance premiums have increased under President Trump, driven by federal budget legislation, expired subsidies, and general market inflation.

Rising Costs and Policy Impacts

• Budget Cuts: According to reports by Families USA, a federal budget bill cut nearly $1 trillion from Medicaid and restricted eligibility, which increased the uninsured rate and shifted uncompensated care costs.
• Expired Subsidies: Enhanced Affordable Care Act (ACA) premium tax credits expired without a congressional extension, causing net marketplace premiums to spike for many consumers.
• Family Expenses: The Center for American Progress states that administration policies, higher deductibles, and tariff impacts have added financial pressure to household healthcare budgets.

Administration Actions on Transparency

• Price Transparency: According to PBS News, the Trump administration has warned hundreds of hospitals to disclose pricing data or face fines, aiming to use market competition to lower costs over time.
• Affordability Proposals: The White House introduced the "Great Healthcare Plan" framework to target pharmacy benefit managers, expand over-the-counter drug options, and promote lower prescription pricing.