Since individual insurance markets are preparing disease to open in November 1 2016 registration period, all eyes are on the plans, providers and premium costs.
premium data recently, the Kaiser Family Foundation (KFF) has published twelve major cities, where complete data are available. Although not comprehensive national data, this report provides an overview of the different contribution rates for health plans for 2016.
Here is a summary of what to expect in 2016.
average 3.1% increase health plan
KFF report analyzed the contribution rates for the big city in Connecticut, DC, Maine, Maryland, Michigan, New Mexico, New York, Oregon, Vermont, Virginia and Washington.
in twelve cities, premiums for the second lowest cost silver plan in the market, before accounting for premium tax credits, increased by an average 3.1 percent from 2015 to 2016. However, the mean change in the reference plane of money in these twelve cities was -1.3 percent from 2014 to 2015.
Changes premium varies considerably by region
according to the report, the premium changes vary considerably from one region. For example, consumers in Portland, Oregon can also see significant increases 23 percent while consumers in Seattle, Washington may see premiums decrease by 10 percent.
Source Chart - KFF
With premium tax credits, average premium increase of 1%
During the individual review contribution rates for health plans, it is important to take account of the premium tax credits, which limit how an eligible consumer pay out of pocket for the premium .
once the premium tax credits are taken into account, the KFF report found an increase in the average premium of only 1 percent from 2015 to 2016, in the twelve cities analyzed. For most cities, as shown in the table below, the increase was negligible
Source Chart -. KFF
Conclusion
As we round the open space 2016 season registration, the KFF report suggests that we can expect modest increases individual health plans offered in the markets. In addition, premium rate changes will depend largely on the region and on eligibility for premium tax credits.
What questions do you have about the open enrollment season 2016 or on different premium health plan? Leave a comment below.
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