Rates have been filed across the country and the outlook is not great. Not only will individuals have to sign up for coverage within 45 days, but the choice will also be limited. Across the nation, 42.41% of counties will only have one insurance carrier to pick a plan with and 1.27% of counties are projected to have no carriers at all. Premium rates for larger networks of providers or offering out-of-state or out-of-network coverage will increase upwards of 59%. Meanwhile, the maximum out-of-pocket cost for individuals and groups will be raised to $7,350 for self-only coverage and $14,700 for family coverage.
Still, upwards of three-quarters of individuals will be insulated from rate hikes by staying with the high out-of-pocket benchmark plans using the subsidies offered through the Affordable Care Act. Individuals earning less than 250% of the Federal Poverty Level will also be shielded from higher out of pocket costs unless of course, President Trumps stops the cost sharing subsidies.
As of this date, it looks like individuals earning over 400% of the Federal Poverty Level will pay an average increase of 22% with Horizon of New Jersey on their popular Omnia Silver plan. AmeriHealth is asking for as much as a 59% increase on some plans. Eastern PA residents seem to be spared with Keystone Health Plan East looking for a 4.6% increase on individuals but 10.18% on small group plans. In New York, the average increase is 14.6% for individuals and 9.3% for small groups plans. Looking at these price increases, it is strange that Eastern PA, with only one insurance carrier, is offering coverage with the lowest rate increase while NJ, with 3 carriers, and NY, with 15, cannot say the same. Still, these rate increases on top of last year's increase will make insurance unfordable to many paying the full cost for coverage.
1 Stop Benefits Inc. will continue to stay on top of all the changes in the insurance world, and seek out ways to find high quality, low-cost care for everyone. We strongly suggest you contact us right away and as about our enhanced supplements to fill the gaps in any health plan. Some of these low-cost cash benefits will not be available to new clients as of the new open enrollment. NJ residents should view this Flyer
because you only have up to November 15 to purchase.