By: David Bastawrous—Special Report College Associate
Many looking to purchase health insurance from Healthcare.gov will see slightly higher costs, according to a Health and Human Services report issued today.
The federal Exchange’s most popular plan—lowest cost silver plan—will increase by an average of 5%.
But it “Pays to Shop,” as multiple officials said today, likely to become an administration mantra.
“65% of current Marketplace enrollees can get coverage for $100 dollars [per month] or less for 2015, after tax credits, if they shop for a more affordable plan within their current metal level, compared to 50%” of those who would stay in their 2014 plan, the report says.
Consumers can choose from an average of 40 health plans in 2015, up from 30 in 2014, which HHS hopes will “enhance competition, expand choice and promote affordability.”
The administration has often lauded the recent historic low growth of health spending, increasing just 3.9% each year from 2009-2011—the lowest growth rate since the government began keeping track in 1960.
And though they attribute this to the Affordable Care Act, a 2013 study by the Kaiser Family Foundation found that 77% of the slowdown can be explained by the sluggish economy.
How the price of Healthcare.gov premiums react to the slowly recovering economy in the next few years will be a real test for the healthcare law.