Premium rates for health plans offered through state exchanges under the Patient Protection and Affordable Care Act will be more than 16 percent lower than projected, according to an HHS report.
HHS analyzed health insurance premiums for the 36 states in which HHS will support or fully facilitate exchanges and the 11 states and the
Before factoring in tax credits, the weighted average of the second-lowest-cost silver plan in 48 states is lower than a Congressional Budget Office estimate of $392 per month. In 15 states, consumers will pay less than $300 per month for the second-lowest-cost silver plan, according to HHS.
Additionally, the report found states with the lowest average premiums tend to have a higher number of insurers participating in their exchanges, suggesting competition drives down costs. States with premiums in the lowest quartile have an average of eight health insurance providers participating in their marketplaces, while those with the highest premiums have an average of three.
Furthermore, after factoring in federal subsidies available to help people buy coverage, 56 percent of uninsured Americans could pay less than $100 per person per month for health insurance through the marketplaces, Medicaid or the Children's Health Insurance Program, according to HHS.
More Articles on Health Insurance Exchanges:
HHS: Most Uninsured Could Get Coverage Under PPACA For Less Than $100
PPACA Exchanges Could Still Run if Government Shuts Down
Study: Health Exchange Premiums Lower Than Expected