Breaking News: 2016 Rates Announced

Posted by | October 27, 2015 | News | No Comments

Today, CMS released a summary of rates for 2016 healthcare insurance plans on the federal marketplace.

Highlights of the report include:

  • In 2016, nearly 80% of consumers will be able to buy a plan for less than $100 month after tax subsidies; Roughly 70% for less than $75 a month.
  • The average rate increase is 6.3% for the benchmark plan in the largest 30 cities in the US.; 7.5% for the 37 states managed by the federal exchange.
  • For 2016, over two thirds of counties will have three or more issuers.
  • Consumers who already had plans and switched to new plans in the same medal tier saved nearly $400 a year

The chart below provides the 2016 benchmark plan rate changes from 2015 to 2016 for each state that is managed under the federal exchange. HHS projects that 10 million Americans will enroll in a plan by the end of 2016 and have fully paid for the plan (effectuated enrollments).

Consumers can enroll in a 2016 plan during Open Enrollment which runs from November 1, 2015 to January 31, 2016. Consumers who already have a plan are strongly encouraged to view the new 2016 plans and see if they can find a comparable plan at a lower cost.

Picture3

*Rate comparison is among 2016 benchmark plan rates (second lowest silver plan in each state). Table excludes state-run exchanges such as California.

About

This website is privately owned and all information and advertisements are independent and are not associated with any state exchange or the federal marketplace. Additionally, this website is not associated with, sanctioned by or managed by the federal government, the Centers for Medicare & Medicaid, healthcare.gov or the Department of Health and Human Services.

Apply for health insurance today Start Here