Posted 6/26/18 / Affordable Health Insurance
In Washington, insurance providers have already begun submitting their estimated 2019 premium prices for state review. At least five insurers in Washington have put forth premium changes that average 19.08% statewide, according to a survey by the Kaiser Family Foundation.
Among those five healthcare providers, the smallest proposed rate increase of 0.9%, or less than 1%, came from BridgeSpan and the greatest hike of 29.8%, came from Kaiser.
The office of the insurance commissioner will continue to review premiums and participation, and usually the proposed increases drop, so this preliminary information could change by the time rates and participation are final in late summer or early fall. For now, consider premium estimates for now as just that, estimates.
However, price hikes don’t affect the majority of people with ObamaCare plans, who are lower-income Americans receiving federal subsidies to help cover their insurance. That is because as premiums rise, so too do the subsidies to cover premiums. However, rate increases will hit Americans who earn too much for subsidies, or who will buy individual coverage outside of the Obamacare exchanges.
Between 2018 and 2019, it is projected that there will be 3 million more uninsured people, largely due to the repeal of the individual mandate and higher premiums.
For those who want marketplace coverage, the marketplaces will be stable in most areas of the country over the next decade, but that “stability may be fragile in some places.”
From 2019 through 2023, the agency projects that premiums will rise an average of 10% a year, then 5% annually between 2024 and 2028.
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