Inflation hits health insurance premiums this open enrollment season

It’s open enrollment season. Whether you get health insurance through your employer or the market he buys an Affordable Care Act plan, now is the time to sign up.

On average, marketplace plan premiums have increased by about 4%, with large variations across states.

And for most people, it doesn’t really matter how much their premiums go up. Because next year he will have a significant subsidy that will significantly reduce the actual cost of ACA coverage. This is due to the funding of the Inflation Reduction Act.

Buying health insurance is not a fun time for most people.

Cynthia Cox of Kaiser Family Foundation said:

But she said it’s worth the wait, especially if you’re buying it on an exchange.

“Many people automatically resubscribe to the same plan as last year. What they bought last year may not be the cheapest in your area,” says Cox.

insurance premium increase For ACA plan In many places, flat prices last for several years and even fall. There are several reasons for that, according to Sabrina Corlett of Georgetown’s Center for Health Insurance Reform.

For one thing, “inflation is starting to be felt in health insurance premiums,” she said. “Just like inflation is being felt elsewhere.”

Also, people are seeing more doctors after most went away early in the pandemic.

But “the majority of people don’t feel the pain of these premium hikes,” she said. This is due to increased funding for high health insurance subsidies. This funding will be available until 2025.

This makes ACA insurance much more affordable than it used to be, Corlette added. “A lot of people can find a plan $10 or less per month

And as subsidies have expanded in the past few years during the pandemic, “market registrations have increased significantly,” said Matthew Fiedler of the USC-Brookings Schaeffer Initiative for Health Policy. “At the time of the public offering last year, 14.5 million people choose a plan on the marketplaceAnd that’s because over 11 million people in 2020.

Towards 2023, Free admission in most states Until January 15th.

A lot is happening in the world. All in all, Marketplace is for you.

Use the Marketplace to analyze world events and tell them how they affect you in a factual and friendly way. To keep it possible, we rely on your financial support.

Your donation today will power the independent journalism you rely on. For just $5/month, you can help us maintain the Marketplace. This allows us to keep you informed of what is important to you.

Leave a Comment