Obamacare marketplace survives but Virginia premium rates are increasing by double digits
The deadline for insurers to submit plans and rate changes on the Affordable Care Act insurance exchange -- what many call Obamacare -- was Wednesday, and the news from the state's insurance commissioner is sobering: Fewer choices and higher premiums.
Carriers throughout the state increased their rates by double digits because of market uncertainty, the reduction or withdrawal of other insurers and the lack of a guarantee from the federal government of subsidies for people with moderate incomes.
Before your blood pressure goes up too much, consider this: The vast majority of ACA enrollees -- about 84 percent nationally -- qualify for a premium subsidy, according to the
Optima officials say that 70 percent of their current ACA enrollees qualify for subsidies, which are payments to moderate-income enrollees to help them afford deductibles and out-of-pocket costs. Those enrollees will see their premiums increase by 1.5 percent, or about
Another thing to remember is that the ACA marketplace enrollees make up a small percentage of the overall insurance market in
Instability of the ACA market is due to many factors, including
People in the region who purchased an
I've had several people call to inquire about what kind of changes in network to expect.
Smith said that
The enrollment period for 2018 insurance runs from this
Insurance counselors advise keeping a close eye on any mailings from current insurers and from the federal marketplace. These letters will tell them if they are being "auto-renewed" into the same plan or shifted to another plan with a different company.
The first premium payment for 2018 coverage must be made by
The
People should bring their
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