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According to information released by the Department of Health and Human Services (HHS), even if rates were to increase in 2017 by double digits, over 70% of consumers on HealthCare.gov will still be able to purchase a plan for less than $80 per month. Since the Affordable Care Act (ACA) became law, prices for plans have risen.
In a hypothetical scenario, one in where all rates increase by 25%, the HHS found the vast majority of consumers (73%) would be able to purchase coverage for less than $75 per month. All Marketplace premiums will be finalized and made public this coming October.
“[Rate increases reported in the headlines] do not reflect what consumers actually pay,” said Kathryn Martin, Acting Assistant Secretary for Planning and Evaluation. “Our study shows that, even in a scenario where all plans saw double digit rate increases, the vast majority of consumers would continue to have affordable options.”
The HHS has determined that Latinos are one of the groups who have benefited the most from the ACA. Over 4 million Latinos (ages 18-64) have gained coverage, lowering the uninsured rate among Latinos by 7.7%. Also, 8.8 million Latinos with private health insurance now have access to preventive services like mammograms, cervical cancer screenings, or flu shots with no co-pay or deductible. Additionally, 913,000 Latino adults, between the ages of 19 and 26 who would have been uninsured, now have coverage under their parents’ plan.
In order to reduce health disparities, it is critical to address inequities in programs, practices, and policies. Join our site, connect with others, and get involved.
Helping to protect Marketplace consumers from the impact of rate increases are tax credits that go up along with premiums and the ability to shop for the best plan. Tax credits have been designed to increase by whatever amount the cost of “the second-lowest-cost silver, or benchmark plan” increases. In 2015, the average premium increased just $4 per month for HeathCare.gov consumers with tax credits.
Prior to the passage of the ACA, it was difficult to “shop” for health insurance. Now, any Marketplace consumer can purchase any plan during the Open Enrollment period. More than 40% of returning HealthCare.gov consumers switched plans in 2015 and saved an average of $42 per month ($500 annually).
Read more about the report here.
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By The Numbers
25.1
percent
of Latinos remain without health insurance coverage
