Open enrollment for the 2016 Health Insurance Marketplace began on November 1, 2015, for those who will begin coverage in 2016. According to an analysis via HHS, 8 out of 10 consumers that return to the Marketplace will be able to purchase a plan for less than $100 a month, and that’s after tax credits. Of the 31 markets in the United States, the rate increased to 6.3% for a benchmark plan.
The data also shows that of the returning consumers who purchased plans on the same metal plan saved an average of $400 on their premiums. The Silver Plan being the most popular plan purchased, with about 70 percent of consumers enrolled. Among those in the U.S. that used the Marketplace, the estimated rate increase for 2016 will be 7.5 percent. The Advanced Premium Tax Credits (APTC), which help lower monthly payments, are not included in the rate increase.
With the new open enrollment, consumers are encouraged to shop the Marketplace and browse the various options available. There are plans that meet everyone’s budget and health necessities. Almost 53% of consumers that returned to the Marketplace were able to browse the different plans, and almost half of those consumers selected a new plan to fit their needs.
According to an Open Enrollment analysis in 2015 from the Department of Health and Human Services (HHS), the consumers that did change plans saved more money on their premiums and were able to select a plan that met their needs. This shows the importance of shopping the Marketplace, regardless of your current health insurance plan.
Click here to find out the market average change in premiums in your state.
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