Choice also means competition between plans that in turn results in downward pressure on premiums. During the third Marketplace Open Enrollment Period, consumers will continue to have an opportunity to comparison shop and select the plan that best meets their needs and budget. The Affordable Care Act is continuing to create a dynamic, competitive Marketplace, with considerable choice and affordable premiums in 2016. Previous research across a variety of product markets suggests that price competition typically intensifies with three or more competitors in a market. Like last year, neary 9 out of 10 consumers returning to the Marketplace will be able to choose from 3 or more issuers for 2016 coverage (Figure 1).Consumers had a choice of 4 issuers on average in 2014 (Table 1a). On average, consumers can choose from 5 issuers for 2016 coverage, just as they could for 2015 coverage. The average consumer has 10 issuers in their state, up from 9 in 2015 and 8 in 2014. The average number of issuers remained stable between 20.Marketplace tax credits adjust to match changes in each consumers’ benchmark silver plan premium. A typical family of four with an income of $60,000 will on average receive an annual tax credit of $5,568-compared to $4,848 in 2015. A 27-year-old with an income of $25,000 a year will on average get an annual tax credit of $1,164-compared to $972 in 2015.Nearly 7 in 10 (66 percent) can find a plan for $100 in premiums or less within their metal level. Nearly 6 in 10 (57 percent) can find a plan for $75 in premiums or less within their metal level.Nearly 8 in 10 (78 percent) current Marketplace enrollees can find a plan for $100 in premiums or less per month, after any applicable tax credits in 2016. More than 7 in 10 (72 percent) current Marketplace enrollees can find a plan for $75 in premiums or less per month, after any applicable advance premium tax credits in 2016.In 2015, nearly one-third of consumers who reenrolled in a Marketplace plan switched to a new plan. If all consumers switched from their current plan to the lowest-cost premium plan in the same metal level, the total savings would be $4.5 billion. More than 8 in 10 (86 percent) current Marketplace enrollees can find a lower premium plan in the same metal level before tax credits by returning to the Marketplace to shop for coverage.The Affordable Care Act continues to promote access to affordable Marketplace health insurance plans in 2016 by creating a Marketplace where consumers can chose the health insurance product that best meets their needs and budget.It also examines plan affordability in 2016 after taking into account premium tax credits. This brief presents analysis of Qualified Health Plan (QHP) data in the individual market Marketplace, focusing on the states that use the Marketplace platform, and providing a look at the plan choice that new and returning consumers will see for 2016. In fact, 86 percent of consumers who selected a Marketplace plan in 2015 received financial assistance. Consumers may be eligible for financial assistance to help pay for the cost of premiums. Factors they may consider in choosing a health insurance plan include premiums, deductibles, out-of-pocket costs, provider network, formulary, customer service and more. Consumers can see detailed information about each health insurance plan, in addition to estimated yearly out-of-pocket expenses, offered in their area before they apply. All plans in the Marketplace cover essential health benefits and recommended preventive care, and no one may be excluded based on preexisting conditions.
#2016 AFORDABLE HEALTH CALCULATOR UPDATE#
This year, the Marketplace is welcoming new consumers and encouraging those who have previously enrolled to come back, update their information and select the plan that best meets their needs and budget. Our research indicates that the Affordable Care Act is continuing to promote competition, choice, and affordability in the Marketplace for plan year 2016.
When the 2016 Open Enrollment Period begins on November 1, 2015, millions of Americans can once again shop for high-quality, affordable health care coverage in the Health Insurance Marketplace established by the Affordable Care Act. By: Kelsey Avery, Mathias Gardner, Emily Gee, Elena Marchetti-Bowick,
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