Most Obamacare enrollees could pay less for policies next year

How Trump will be upending Obamacare

While the idea’s true of which premiums for the well-known silver Obamacare plan could shoot higher for 2018, most enrollees could actually end up paying less for coverage next year.

In fact, more consumers will be able to snag policies of which will cost them nothing each month.

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How can of which be?

the idea’s because premium subsidies are soaring too, generating many plans on the exchanges more affordable.

The Trump administration, however, will be stressing how much premiums will rise, saying This particular will be yet another sign of which Obamacare will be irreparably broken. They are downplaying the fact of which the subsidies will cover most, if not all, of the increase for many consumers.

Related: Premiums for well-known Obamacare plans to soar 37% for 2018

Obamacare advocates worry of which consumers will be scared off by the news of which premiums are skyrocketing for next year. They plan to highlight the fact of which many people will be able to find lower-premium policies thanks to the subsidies.

Even the Trump administration found of which Obamacare plans will be more affordable for many consumers next year. Some 80% of enrollees will be able to find a policy for $75 a month or less — up by 71% This particular year in addition to the highest share so far.

“This particular year, more people than any previous year have access to a plan for $75 or less,” said Josh Peck, a former Obama administration official in addition to co-founder of Get America Covered, which will be promoting enrollment for 2018. “of which’s what we want everyone to know.”

Here’s why This particular will be happening:

Many insurers jacked up the rates of their silver plans in part to make up for President Trump ending federal support for Obamacare’s cost-sharing subsidies. These subsidies reduce deductibles in addition to co-pays for lower-income enrollees.

Premiums for the benchmark silver Obamacare plan will soar 37%, on average, for 2018, according to federal data released Monday.

The premium subsidies are pegged to a benchmark silver plan in each market. So if of which plan’s rate rises, the value of the subsidy does too. More than eight in 10 Obamacare enrollees receive premium subsidies.

Insurers, however, did not hike the cost of bronze or gold plans nearly as much. The rate of the lowest-cost bronze plan will be rising 17%, on average, while the cheapest gold plan will be going up 19%, according to the Kaiser Family Foundation.

of which means the more generous premium subsidies will cover more of the monthly cost of these plans, so consumers will pay less.

A 40-year-old earning $25,000 will pay 75% less, on average, for the cheapest bronze plan in addition to 21% less for the lowest-cost gold plan, according to a brand new analysis by the Kaiser Family Foundation. A 40-year-old earning $40,000 will see a 28% drop, on average, inside the cost of the cheapest bronze plan, in addition to an 8% decrease inside the least expensive gold plan’s premium.

Related: Trump’s quest to kill Obamacare hurts the middle class

Bronze plans have lower premiums, nevertheless their deductibles are higher — nearly $5,900, on average, for an individual in 2018, according to a brand new report by Health Pocket, an online health insurance shopping tool. Meanwhile, gold plans have higher premiums, nevertheless their deductibles are only $1,320 on average for 1 enrollee next year.

The cheapest gold plan will have lower premiums than the least-expensive silver plan in 459 counties next year once subsidies are factored in, Kaiser found. Silver plans will have an average deductible of just over $4,000 next year.

Many more consumers will be able to enroll in bronze plans in addition to pay nothing each month. For instance, a 48-year-old consumer earning roughly $30,000 can find a zero-premium policy in nearly 1,050 counties next year, up by 132 counties in 2017, according to an analysis by Oliver Wyman consulting group.

Not everyone, however, will be so fortunate. Enrollees who don’t qualify for premium subsidies — those who earn more than $48,000 as an individual or $98,500 for a family of four in 2018 — may be hit with the full premium hike. They may be better off buying bronze or gold plans or looking for individual coverage outside of the Obamacare exchanges.

sy88pgw (brand new York) First published October 31, 2017: 5:50 AM ET


Most Obamacare enrollees could pay less for policies next year

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