Premiums for health insurance through the Affordable Care Act – or “Obamacare” – are about to be less affordable for many.
The federal government says premiums for the benchmark “silver” plan will be going up an average of 22% for 2017. Paul Ashley of benefits advisory firm First Person in Indianapolis tells News Now if that’s not bad enough, some people are finding themselves with only one insurer to choose from:
“There are less insurers on the exchange, so consumer choice is decreasing at the same time we’re seeing costs go up,” he says.
The White House says the increase in premiums affects mid-level Affordable Care Act plans in 39 states next year. The increase is more than three times larger than this year’s price increases.
Notably, the going rate in Indiana for the “silver” plan will actually be about 3% cheaper. Subsidies and tax breaks given to those enrolled in plans through the exchange are also expected to increase in states where the price of plans went up.