New choices and more competition in the Health Insurance Marketplace are giving consumers more options during open enrollment this year, and the majority of returning consumers who shop can save money on premiums, according to a report released Dec. 4 by the Department of Health and Human Services.
With 25% more issuers participating in the Marketplace in 2015 more than 90% of consumers will be able to choose from three or more issuers up from 74% in 2014. Consumers can choose from an average of 40 health plans in their county for 2015 coverage up from 30 in 2014.
Nearly 8 in 10 current Marketplace consumers can find coverage in the 2015 Marketplace for $100 or less, taking into account any applicable tax credits. The Health Insurance Marketplace is open for business, and consumers have affordable choices for renewing their coverage and signing up for the first time, HHS Secretary Sylvia M. Burwell said in a news release. In todays Marketplace, issuers are competing for business. With additional quality, affordable plans available, returning customers may find an even better deal if they shop and save.
More key findings from todays report include:
65% of current Marketplace enrollees can get coverage for $100 or less for 2015, after tax credits, if they shop for a more affordable plan within their current metal level, compared to 50% of current Marketplace enrollees who can get coverage for $100 or less, after tax credits, if they do not change their plan for 2015.
For returning customers, more than 7 in 10 current Marketplace enrollees can find a lower premium plan in the same metal level before tax creditsby returning to shop.
If all returning consumers switched from their current plan to the lowest-cost premium plan in the same metal level, the total savings in premiums would be more than $2 billion.
Open Enrollment in the Marketplace runs through Feb. 15. Consumers should visit HealthCare.gov to review and compare health plan options. All consumers shopping for health insurance coverage for 2015 even those who currently have coverage through the Marketplace should enroll or re-enroll by Dec. 15 in order to have coverage effective on Jan. 1.
To read the report, visit http://aspe.hhs.gov/health/reports/2015/premiumReport/healthPremium2015.pdf