The period for signing up or renewing health insurance policies has begun through the Washington health plan. While some may see their premiums increase slightly, there may be sticker shock for some enrollees.
The open enrollment period to get health insurance by January first runs now through December 23rd, with coverage beginning March 1st for those who sign up before January 31st.
Current enrollees should have received an information packet in the mail detailing the cost of current coverage, what that plan will cost next year, and amount of tax credit subsidy you will qualify for.
The Washington Insurance Commissioners Office says the average cost of the health plans increased by just 4 percent since last year.
But for one group of enrollees, the increases may be a lot higher.
And those are the people with the least expensive plans that may have difficulty remaining enrolled if the costs become unaffordable.
First, this year’s subsidy has decreased. The Health Exchange’s Michael Marchand explains it has gone down because it has been based on a specific silver plan that has gone down in price.
“The second lowest price--silver plan--in all our areas has dropped. So what we’re seeing is the ceiling is coming down , so the silver and gold prices are dropping. Bronze plans are going up. And what’s happening is with silver plans going down, the amount of your tax credit is going down because the price of those plans is dropping.”
The end result may be sticker shock for many who are enrolled in the bronze plans because of increased premiums at the same time as the reduced tax credit.
For one Spokane Pubic Radio listener, the rate will be climbing dramatically. She has been paying $109 a month for a bronze plan. But with the tax credit reduced by $60 a month, and her premium also increased another $60, the cost of her same plan next year will be almost $240 a month.
About 36% of Washington residents in the health plan are enrolled in bronze plans.
