Premiums Up For 2017, But Many Get a Plan for $100 or Less

Although health insurance premiums are up 22% on average for 2017; many can get a plan for a $100 or less through healthcare.gov.

For 2017: Despite rate increases, 7 out of 10 Marketplace customers will still be able to get a plan for less than $75, and 8 out of 10 less than $100! This is primarily because cost assistance is based on income. Learn more about how cost assistance works.

Now that you know the basics, here are a few things to understand:

• Most people who get insurance get it through their employer or a family member’s employer. Those costs have gone up, but inflation has generally slowed for employer coverage since the law was signed and the employer pays part of the premium, which can help keep costs low.
• Millions qualify for free or low-cost coverage from Medicaid or CHIP; this coverage was expanded under the ACA.
• Millions more will be able to stay on their parents plan until 26.
• Millions more will be able to get a plan for $100 or less via healthcare.gov.

For those left over who will buy coverage at the full rate, rate increases will be noticed the most.

Not all regions will see big increases, but the national average increase is rather high this year as noted above. The hope is that prices are evening out, and this is one last readjustment to the preexisting conditions clause, but no one can say just yet.

The average person will not notice much change from last year while millions who couldn’t get coverage before the law will have access to it now. Many people can buy insurance at affordable rates due to cost assistance and expanded Medicaid. There are some who will be unlucky. Even though these people represent few million out of the 320 million total, their rate increases will provide a challenge this year.

The next President of the United States will need to decide how to ensure that the vital benefits of the ACA remain intact while some of the sticking points are addressed. See Clinton’s plans for the ACA, see Trump’s plan.

FACT: Those who don’t obtain and maintain coverage will owe the monthly fee. Learn more about the 2017 fee and 2017 open enrollment.

FACT: Despite some insurers withdrawing from ObamaCare’s exchanges, enrollments are projected to grow 9% to an average of 11.4 million in 2017.