With Open Enrollment 2015 knowing there a lot of buzz over the market prices for 2015. What are the facts?
Here are to know 1 five things about Market rates in 2015
. Most people will pay more
The ever-increasing cost of health care is a significant financial burden for individuals and corporate America alike. It is offered for employer group health insurance and individual insurance to be increased across the board rate.
2. Average increases in the marketplace are 8.2%
According to an analysis by PricewaterhouseCoopers (PwC), 29 states and the District of Columbia have released initial rate filing information from this month , The average rate increase of 8.2 percent, the average monthly premium to $ 385. Although this seems like a significant rise in interest rates before the Affordable Care Act (ACA) came into play rates increased by at least ten percent per year on average.
The average monthly premium, but does not include the premium tax credits that are available for the majority of people available and families, reporting on the public health insurance purchase marketplaces. In federally run marketplace in 2014, 87% of those who were chosen a health plan for premium tax credits ineligible and will average $ 82 / month pay (source).
3. Prices vary considerably from country and region
Rating regions have much to do with premium costs. Under the ACA 501 depreciation areas for premiums. Premium increases vary widely across regions, for reasons including the level of competition between the insurance companies and how accurately projected the insurer to the mixture of healthy and sick people in their risk pools.
The rate filings vary widely by state. The states in this analysis with the five lowest average rate increases include:
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Oregon (-2.5%)
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Delaware (+ 1 , 3%)
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Maine (+ 1.7%)
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Colorado (+ 3.6%)
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Michigan (+ 4.6%)
are the states with the five highest average tariff increases:
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Indiana ( 15.4%)
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Tennessee (+ 13.8%)
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Kansas (+ 13.6%)
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Vermont (12.6%)
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Arkansas (+ 11.7%)
4. most people qualify for premium tax credits
Prices aside, most people an individual or family plan through the new health insurance marketplaces are expected for a premium subsidy qualify partial costs to compensate for their premium.
[1945006schätzungsweise85ProzentderMenschen] take during the 2014 open enrollment period, which were purchased a market plan for a premium tax credit. This means that the "sticker" price does not matter as much because for most people, the premium will limit tax credit, how much they pay for their premiums.As a brief refresher, here's how the premium tax credits work.
yield the premium tax credits are offered depending on the cost of the premium between 2 percent and 9.5 percent, on a declining balance, and the cap. Individuals earning up to $ 46,680 per year in 2014 are eligible. will therefore be participating in the general tax credits as cost cap, a 32-year-old single $ 27,000 in 2014 to earn a maximum of $ 249 / month for a "Silver" rated plan pay, or $ 103 / month for a "Bronze" rated plan no matter what the "sticker" cost of the premium.
5. Increased competition keep prices down in many regions
Since the marketplace the second year of operation occurs, another big health insurance companies are entering the market places or expand their presence in the markets.
For example, Assurant Health, public marketplaces will be divided into 16 states and UnitedHealthcare is expanding its market presence of five countries in 2014, as many as 24 states in 2015 Aetna, Humana and Cigna are also market listing in 2015
extendedFor consumers, this news means more individual health plans to choose from and many of the state marketplaces more competitive. This increases competition among carriers will help keeping low in 2015
What do you think about the market prices for the year 2015?
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