Premiums for 2016 ACA health plans released: 5 things to know

Premiums rates for health plans under the Affordable Care Act are on the rise in many parts of the country as the start of the third open enrollment period approaches, beginning Nov. 1 through Jan. 31, 2016.

However, consumers will have the chance to shop around, and an upgrade to HealthCare.gov will allow them to compare costs and benefits.

Prices for health plans available from the federal exchange in 2016 will be posted online, many of which were made available Sunday. However, exactly how dramatic the premium increase will be is not entirely clear, as final rates have not yet been announced for the whole country ahead of the open enrollment start date, according to Politico.

Here are five things to know about rising premiums in 2016, as well as changes to the federal exchange website, according to a CNBC report.

1. Premiums increases in 2016 are expected to be higher than last year, according to forecasts from independent experts. Premiums can vary significantly from state to state and within states, and increases can range from single digits to the teens.

In Minnesota, all five carriers selling individual policies on HealthCare.gov have posted double-digit increases, ranging from 14 percent to 49 percent hikes. On the other end of the spectrum is southern California, where officials predict an average rise of 1.8 percent for consumers who stick with their current plans.

2. HealthCare.gov is trying to increase transparency on the price of its plans. Many consumers only look at premiums when shopping for a health plan, but they should also pay attention to the deductible and cost-sharing or copays for medical services, according to the report. To help simplify the process, the federal exchange will now feature a calculator that estimates total costs based on a consumer's expected medical needs.

3. The renewal process will be smoother this year, according to insurers on the exchange, because the government has more comprehensive information to update subsidies for customers who want to keep the same plan. As before, customers who don't want to change their current health plan will be automatically re-enrolled.  

4. Some additional features are still being tested. Consumer advocates have been pushing for another site upgrade that would allow patients to search for health plans of which their physicians are a part. This feature will be made available, but it might not be ready by the open enrollment start date, Nov. 1.

5. The tax penalty for people without health insurance in 2016 has gone up. Those who remain uninsured in 2016 will be subject to fines to the greater of 2.5 percent of taxable income or $695. This year's penalty was $325 or 2 percent of income, according to the report.

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