Thursday, August 25, 2016

Health insurance still relatively inexpensive for many
As the NewsSource reported Wednesday, the price of individual health insurance coverage will increase next year by a record amount in Tennessee after state regulators agreed to rate increases requested by the three health insurers still offering exchange plans under the Affordable Care Act. But despite record increases in individual health insurance rates, most Tennesseans still will be able to buy health care coverage for under $75 a month next year by shopping around and taking advantage of federal tax subsidies, according to a new government study. The Department of Health and Human Services estimates that 81 percent of consumers in Tennessee will pay under $75 a month — and 83 percent will pay $100 or less monthly — to buy individual health insurance through the ACA marketplace. Federal subsidies will go up along with higher insurance premiums next year.. Fewer than 35,000 Tennesseans now pay the full cost of the marketplace plans without any subsidies. HHS officials say the rate increases approved for this year, for instance, didn't force most consumers in Tennessee to pay a lot more for coverage. Last year, despite headlines projecting double-digit rate increases, the average premium increased just $4 per month for ACA consumers with tax credits, and seven out of 10 could purchase coverage for less than $75 per month, the study says. Last year, more than 43 percent, or 60,000 returning Tennessee marketplace consumers switched plans. They saved an average of $52 per month.


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