Published: Tue, October 31, 2017
Worldwide | By Isabel Fisher

Premiums for Popular Obamacare Plans to Soar 37 Percent for 2018

Premiums for Popular Obamacare Plans to Soar 37 Percent for 2018

They are downplaying the fact that the subsidies will cover most, if not all, of the increase for many consumers.

"The website will be an interactive website where you can purchase your plan right there on get-covered-illinois".

CoverNJ, a coalition of consumer advocates, providers, insurance companies and social service groups teamed with RWJBarnabas Health to assist and encourage residents to take advantage of open enrollment for health insurance plans in 2018.

Insurers, however, did not hike the price of bronze or gold plans almost as much.

Insurers raised rates by as much as 38% just because the funding ended, though the amount varied widely by state, according to a recent analysis by the Kaiser Family Foundation. So if that plan's rate rises, the value of the subsidy does too. More than eight in 10 enrollees receive premium subsidies, which reduce their cost to less than 10% of their household income. It's available now for consumers to "window shop" and compare various insurance plans.

A 27-year-old making $25,000 a year could receive an annual subsidy of almost $3,300.


The steep rate hike means a 27-year-old will pay almost $5,000 a year, on average, for the benchmark silver plan, upon which premium subsides are based. Meanwhile, gold plans have higher premiums, but their deductibles are only $1,320 on average for a single enrollee next year. And the higher level of assistance means that gold plans will actually be cheaper than silver policies in some markets.

Many more consumers will be able to enroll in bronze plans and pay nothing each month.

Enrollment in ObamaCare's exchanges next year could drop by as much as 1.6 million people because of uncertainty cause by the Trump administration, according to a Wall Street forecast released Tuesday.

Not everyone, however, will be so fortunate.

People who qualify for subsidies will be mostly shielded from those hikes because subsidies are created to increase with premiums.

The online marketplace at www.healthcare.gov is open for insurance sign-ups November 1 - December 15.

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