By Elise Viebeck – 09/05/14
The average cost of a benchmark ObamaCare plan is set to decrease next year in 15 major cities, according to a new study.
The premium for the second-lowest-cost silver plan, which is used to determine tax credits, will go down by an average of about 1 percent, the Kaiser Family Foundation found.
The changes for 2015 range from a 8.7 percent price increase in Tennessee to a 15.6 percent decrease in Denver.
Each percentage represents the plan’s change in cost before applying tax credits, which will help cushion the blow of most price hikes. The study found that changes in price on the exchanges are “quite modest” for most low-cost insurers, “where enrollment is concentrated.” Authors encouraged consumers to comparison shop in order to get the best price starting in November, when the next open enrollment period begins. “While the marketplaces will auto-renew enrollees in their current plans and generally continue their estimated tax credits at the same level as in 2014, many enrollees may be able to lower their premiums substantially by switching plans,” they wrote. “Effective communication to enrollees and consumer assistance will be key to helping people understand their options.”