The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
The average price of healthcare premiums under the Affordable Care Act, or Obamacare, will rise by an average of 12.56% nationally in 2016, according to new data released this week by the Robert Wood Johnson Foundation. The higher premiums exceed the 7.5% average increase the Obama administration has highlighted for the Silver plan for states using the federal to Healthcare.gov exchange.
Premiums for the popular Silver-level plans will jump an average of 11.3% for 2016, up from an average $267 per month to $296. Alaska residents will see the steepest average premium increases for Silver plan coverage, according to the data, with monthly costs rising 35.6%, or $169 per month. Mississippi, meanwhile, leads among a handful of states that will see premium decreases. The average premium cost in Mississippi will drop by 7.1%, or $20 per month.
Premium increases for the Gold plans, which have higher premium costs than the Silver and Bronze plans but require less money out of pocket for health services, will rise an average of 13.8%, or $42 monthly, from $317 to $358. The third available tier of coverage, Bronze plans, will increase by an average of 12.6%, from $216 to $242 for monthly premiums. You can see here how premiums for the Silver, Gold and Bronze plans will change in your state.
Annual deductibles for individuals on the Silver plan also will increase an average of 17.7%, the data show, rising from $2,871 to $4,481 annually. Family Silver plan deductibles will rise an average of 17.2%, from $5,840 to $6,852.
Here are some other notable data points:
People who get their health insurance through the exchanges will need to adjust their financial plans to accommodate higher healthcare expenses. The fee for not having health insurance also goes up in 2016, to $695 per adult and $347.50 per child under 18, or 2.5% of your household income, whichever is greater (in 2015 it was $325 per adult and $162.50 per child under 18, or 2% of household income). You’ll pay the fee when you file your taxes.
Image: iStock
April 11, 2023
Uncategorized
September 13, 2021
Uncategorized
August 4, 2021
Uncategorized