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HHS: Majority of ACA Plans Will Be Available for Less Than $75 Per Month
The Department of Health and Human Services (HHS) recently released a report showing that, despite projected premium increases in 2017, 72% of Obamacare consumers across the country will be able to find plans with a premium of less than $75 per month, and approximately 77% will find plans with premiums below $100.
“Thanks to financial assistance, most Marketplace consumers this year will find plan options with premiums between $50 and $100 per month,” Sylvia M Burwell, Secretary of Health and Human Services, said in a press release. “Millions of uninsured Americans qualify for financial assistance, and so could as many as 2.5 million Americans currently paying full price for off-Marketplace coverage. I encourage anyone who might need 2017 coverage to visit HealthCare.gov and check out this year’s options for yourself.”
According to the report from the office of the assistant secretary for planning and evaluation, the average uninsured rate in America fell to 8.6% in early 2016. The report stated that consumers will have an average of 30 health insurance plans to choose from. There will be an average of 10 plans per issuer, and consumers will be able to choose between multiple issuers. The available plan options have different combinations of premiums, out-of-pocket costs, networks of hospitals and physicians, and prescription drug coverage options.
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The report also outlined the availability of affordable plans by ACA “metal level.” The authors showed that 76% of bronze plans will be available for less than $100, 63% of silver plans, 13% of gold plans, and 0% of platinum level plans.
The HHS reports 85% of current Marketplace consumers are receiving tax credits that bring down the cost of coverage, and across the United States, roughly the same percent of Marketplace-eligible uninsured Americans also have incomes that could qualify them for tax credits. Notably, approximately 2.5 million people currently pay full price for health insurance in off-Marketplace plans, and could be eligible for tax credits if they purchase new plans through the ACA Marketplace.
“Before the ACA, many consumers were unable to get health coverage at all, and the individual market offered no easy way to shop and compare plans,” Kevin Counihan, CEO of healthcare.gov, said in a statement. “Because of the Marketplace, consumers can shop around to find coverage that fits their needs and get tax credits to help pay for it. Thanks to shopping and financial assistance, consumers will continue to have robust options for quality, affordable coverage for 2017, even in places where premium increases are high.”
—Julie Gould
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