Let's Get Real.
At the time the Affordable Care Act (ACA) was passed, Americans were told they would be able to keep existing doctors and private health care plans if they liked them. Americans were also promised their premiums would decrease by $2,500 on average during the first year. Sadly, the law was actually written to decimate the private health insurance market thus driving people into Obamacare. Neither did the premiums decrease on average as promised.
Now, the 2015 Obamacare premiums are set to rise by 10% on average. The silver lining in this is that the rates do not have to rise as much if a person shops around. By looking at other health insurance plans on the federal or state exchanges, consumers will be able to find plans that rise a more modest 5.2% on average. It should be noted that premiums are not the only area people should focus on. Lower tiers of plans will offer consumers a less egregious monthly premium increase on the front end, but may bite them on the back end as the co-insurance rates and copays may have consumers incurring more out of pocket costs for treatment.
Also, people receiving Obamacare subsidies need to take note of the benchmark plans which offer those subsidies. Igor Cornelsen says price increases in the benchmark will result in a decrease in the subsidies. The net result is that even if a particular plan’s premiums remain fixed, the cost to the consumer may be significantly higher due to a decrease in the subsidies. As Obamacare enters its second year, there are more insurance companies participating in the exchanges which offer more options and selections of doctors.