Health Plan Choices and Premiums in the 2015 Health Insurance Marketplace
This brief presents analysis of Qualified Health Plan (QHP) data in the Marketplace for 35 states, providing a look at the plan choice and premium landscape that new and returning consumers will see for 2015.5 It also examines plan affordability in 2015 after taking into account premium tax credits. The findings presented here include states for which sufficient plan data were available for both 2014 and 2015. Key Findings The Affordable Care Act is increasing competition and choice among affordable Marketplace health insurance plans in 2015. There are over 25 percent more issuers participating in the Marketplace in 2015. About 91 percent of consumers will be able to choose from 3 or more issuers-up from 74 percent in 2014. Consumers can choose from an average of 40 health plans for 2015 coverage-up from 30 in 2014-based on analysis at the county level. Premiums for the benchmark (second-lowest cost) silver plan will increase modestly, by 2 percent on average this year before tax credits, while premiums for the lowest-cost silver plan will increase on average by 5 percent. The plans offering the lowest prices have sometimes changed from 2014 to 2015, so consumers should shop around to find the plan that best meets their needs and budget. More than 7 in 10 current Marketplace enrollees can find a lower premium plan in the same metal level before tax credits by returning to shop. To illustrate the significance of shopping we consider the following example: if all consumers switched from their current plan to the lowest-cost premium plan in the same metal level, the total savings in premiums would be over $2 billion. These savings represent the sum of savings to consumers and taxpayers. For customers returning to the Marketplace, the vast majority of enrollees have low cost plans available to them. If they look across all metal levels, fully 79 percent of current Marketplace enrollees can get coverage for $100 or less, after any applicable tax credits, in 2015. Sixty-five percent of current Marketplace enrollees can get coverage for $100 or less for 2015, after tax credits, if they shop for a more affordable plan within their current metal level, compared to 50 percent of current Marketplace enrollees who can get coverage for $100 or less, after any applicable tax credits, if they stay in the same plan in 2015.
- Paperback | 26 pages
- 215.9 x 279.4 x 1.52mm | 113.4g
- 01 Feb 2015
- United States
- black & white illustrations