Health insurance premiums for 2016 are on the rise. Yesterday, we posted a blog on the difficulties of reducing healthcare costs. It has been hard for universal or single payer healthcare systems to keep costs low and Affordable Care Act is no exception. The exchange health insurance plans, which vary by state, will have increasing premiums for 2016. The amount of the increase is unclear as no specific figures have been released.
However, Avalere reported that the average increase could be as high as 5.8% for the silver plans*. These projected cost increases could have a significant economic impact as the majority of Americans who enrolled in the healthcare exchange selected silver plans. The other plans under the exchange are gold and bronze, which will have premium adjustments for 2016 too
Again, the increase at this point has yet to be determined. For the majority of Americans who selected the silver plans, let’s hope the final rates are much lower.
If you enrolled in a state exchange health plan, please ask us how this will affect you. In order to keep premiums low, you may need to switch plans for 2016.
Footnote: In the marketplace, the plans are listed hierarchically: gold, silver, and bronze. Major distinctions include premium price, cost of deductible, and benefits included.
Read more: Health Insurance Premiums Will Go Up In 2016, But By How Much?