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Wednesday, October 17, 2018

Cheaper Obamacare 2019 Premiums on the Way

Obamacare 2019 could bring welcome lower market premiums.

Obamacare 2019 premiums are finally falling. CNN reports that the drop in the insurance premium is the first since 2014, when the Affordable Care Act exchanges opened. The insurance premium for the benchmark silver plan is expected to decline by 1.5%, according to the Centers for Medicare and Medicaid Services. This shakes out to approximately $6 saved a month.


Insurance Premium Plummet?

Part of the cause behind the benchmark insurance premium skyrocketing in the first place was market instability. Insurers hiked the premiums to cover their anticipated losses in a time of market upheaval. There is also conjecture that premiums have fallen because repealing Obamacare was a non-event, and will remain stalled during the open enrollment period.

Obamacare 2019 On the Rise

The amount of insurers on the federal exchange is also anticipated to grow for the first time since 2015; CNN cites 23 more carriers in the Obamacare 2019 open enrollment market than were present last year.


USA Today says that Tennessee is expected to receive the biggest Obamacare 2019 premium drop––26%–– and that the average premium for the "benchmark" plan will cost $406 next year. However, as each of the 39 states offering Obamacare 2019 differ slightly in their marketplaces, their insurance premiums deviate slightly. Wyoming clocks in at the highest anticipated benchmark insurance premium cost, $709, while Indiana's $278 clocks in as the lowest insurance premium for Obamacare 2019. 

Low and Behold

The lower insurance premium could be a boon for people who don’t qualify for premium subsidies (given that the subsidies cover 90% of the Obamacare health insurance policy’s cost). CNN reports that most of the people dropping out of the Obamacare market departed because they didn’t qualify to receive subsidies, and thus shouldered a lot of the impact of the past rate hikes.

With more people poised to enroll in Obamacare, make sure you have a reporting strategy in place. ACAwise provides full-service ACA reporting designed to get your 1094 and 1095 forms into the proper hands, ahead of deadline. Schedule an appointment with one of our account managers today.