With 2016 Obamacare open enrollment period just around the corner, all eyes are on which the plans will be offered in health insurance markets, and the costs are rising or falling. So far, 11 states have announced their rates proposed 2016 premium increases are surprisingly modest.
Increases Prime Modest, vary by city
The Kaiser Family Foundation (KFF) analyzed the cost of the health insurance market plans in major cities for 11 states for which data were available, including the District of Columbia. According to KFF, the preliminary 2016 premium benchmark money schemes increased on average by 4.4 percent from 2015.
Of course, you and your employees to pay for health insurance in 2016 will depend on a number of factors, including where you live.
Of the 11 cities analyzed, Portland and Albuquerque had the highest increases of 16.2 percent and 11 percent, respectively.
On the other hand, there are areas of the country where premiums were down as Seattle (10 percent decrease) and Detroit (1.8 percent decrease).
Chart source - KFF
What -what these changes mean in terms of premium that you pay for health insurance?
If you live in Hartford the second lowest cost silver plan (before tax credits on contributions) averages $ 328 / month, an increase of 6 $ / month in 2015. If you live in Seattle the average cost is $ 228 / month, a decrease of $ 26 / month in 2015.
chart source - KFF
premium tax credits
When considering market premia, it is important to remember that four out of five people are eligible for premium tax credits . This is important because tax credits act as a cap on what you will pay for health insurance. As you can see from the chart above, if you are eligible to receive premium tax credits, premium changes have an impact on what you would pay for health insurance
Related :. ObamaCare blessed by the Supreme Court - What awaits you now
Conclusion
What you pay for health insurance depends on several factors, including where you live and whether you qualify for premium tax credits. The good news is, however, as we enter the third open enrollment period for Obamacare markets, global changes in premiums seem modest.
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