March
21, 2018
Premiums for the lowest priced ‘silver’ plans in each
region—the most commonly purchased insurance plan available on insurance
exchanges—increased an average of 32 percent nationally from 2017 to 2018, from
$342 to $444 a month for a 40-year-old nonsmoker, according to a new report.
Premiums for the lowest price ‘gold’ plans in each region increased 19.1
percent on average nationally, from $439 to $518 for the same type of consumer.
The report—prepared by researchers at The Urban
Institute with funding from the Robert Wood Johnson Foundation—looks at premium
increases (and some decreases) for all 50 states and the District of Columbia,
showing wide price variation in and among states. Iowa experienced the largest
increase in the state average lowest silver premium (117.5%), from $320 in 2017
to $695 in 2018. Alaska had the largest decrease (-22.5%), from $901 in 2017 to
$698 in 2018.
Authors say policy changes, insurer exits and uncertainty
in the health insurance marketplace contributed to the premium increases.
Report authors also say:
·
More insurers exited markets than
entered new markets in 2018, reflecting uncertainty in the marketplace.
·
States with Medicaid managed care
organizations and/or many competing insurers offering marketplace coverage
tended to have the lowest premiums.
·
Increases in the lowest silver plan
premiums tended to be larger than the increases in the lowest gold premiums,
with several exceptions. These differences were strongly related to premium
adjustments designed to take into account the federal decision not to
reimburse insurers for cost-sharing subsidies paid to low-income enrollees.
·
Some of the smallest increases
(including some decreases) were in states with high 2017 premiums.
“We are worried that premium prices are continuing to
increase to the point that average Americans will not be able to afford the
most basic silver plan,” said Mona Shah, program officer, Robert Wood Johnson
Foundation “Focusing on stabilizing the markets for 2019 and beyond could help
stem the tide and support consumers especially those who are lower income.”
https://insurancenewsnet.com/oarticle/lowest-priced-silver-plan-premiums-increased-an-average-of-32?utm_source=Newsletter&utm_medium=email&utm_content=subscriber_id:&utm_campaign=HealthNewsletter03222018
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