New report finds premiums in the Health Insurance Marketplace will be nearly 20 percent lower in 2014 than previously expected
Posted by AzBlueMeanie:
The Department of Health and Human Services (HHS) released a report on Thursday that analyzes the 2014 premiums in
the Obamacare insurance marketplaces in 11 different states, including
Virginia, Colorado, Ohio, and Oregon. Surprise! New report finds competition lowers premiums by nearly 20 percent in the Health Insurance Marketplace:
New report finds competition lowers premiums by nearly 20 percent in the Health Insurance Marketplace
Affordable Care Act gives consumers access to better coverage at a greater value in 2014
HHS
Secretary Kathleen Sebelius today released a new report that finds
premiums in the Health Insurance Marketplace will be nearly 20 percent
lower in 2014 than previously expected.
The Affordable Care Act
requires health insurers in every state to publicly justify any premium
rate increases of 10 percent or more. Health insurance companies now
generally have to spend at least 80 cents of every premium dollar on
health care or improvements to care, or provide a rebate to their policy
holders. In addition, when the Health Insurance Marketplace opens for
enrollment on October 1, 2013 consumers will be able to make apples to
apples comparisons of quality health insurance plans.
“Today’s
report shows that the Affordable Care Act is working to increase
transparency and competition among health insurance plans and drive
premiums down,” said Secretary Sebelius. “The reforms in the health
care law ensure consumers will have access to better coverage at a lower
cost in 2014.”