25% More Choice in the Marketplace for 2015, So Shop Around
By: Jordan Jolley (Zane Benefits) December 2014
The Health Insurance Marketplaces are open for enrollment, and all eyes are on the number of issuers, plans, and rates. According to a new report by the Department of Health and Human Services (HHS), there are 25 percent more issuers to choose from in the federally-run Marketplaces and eight out of ten current consumers can get health insurance for $100 or less a month. But to get the best rates, current customers should shop around.
The new HHS report provides data on the health plans for 35 states using the federally-run Health Insurance Marketplace, HealthCare.gov. Here’s what you need to know.
25% More Insurance Carriers (More Choice and Competition)
Compared to 2014, there are 25 percent more issuers participating in the Marketplaces for 2015. According to HHS, 91 percent of consumers are able to choose from 3 or more issuers – up from 74 percent in 2014. On average, consumers can choose from an average of 40 health plans for 2015 coverage – up from 30 in 2014.
Chart source: HHS
66% Can Get Coverage for $50/Month or Less
According to HHS, as many as 66 percent of enrollees who obtained coverage in 2014, regardless of Metal Level, can enroll in coverage in 2015 for $50/month or less (after premium tax credits).
And, 79 percent of all customers returning to the Marketplace can get coverage for $100 or less after tax credits, regardless of your 2014 plan metal level choice.
Below is a breakdown of current Marketplace enrollees that selected a plan, with or without tax credits, and what percent were able to get coverage for $100 or less (after premium tax credits).
Chart source: HHS
Returning Customers Should Shop Around to Save Money
Returning customers should shop around to save money, according to the HHS report. That’s because more than 7 in 10 current Marketplace enrollees can find a lower premium plan in the same metal level before tax credits by returning to shop.
