CMS on exchanges: Lower premiums, more choice
By HME News Staff
Updated Tue October 20, 2020
WASHINGTON - Premiums for HealthCare.gov plans are lower for the third consecutive year, according to a new report from CMS.
The average premium for the second lowest silver plan, or benchmark plan, on the federal health care insurance exchanges dropped by 2% for the 2021 coverage year, the report shows.
“Our changes to the regulations and how we have managed the exchanges have proven to be more effective than previous administrations,” said CMS Administrator Seema Verma.
Overall, there has been an 8% reduction in premiums across the exchanges since the 2018 coverage year, according to CMS.
The report also shows that 22 more issuers will offer coverage on the exchanges in 2021 for a total of 181 issuers delivering more choice and competition for consumers.
CMS says that while the report shows the administration's efforts to stabilize the market are working, average premiums are still higher than when the Affordable Care Act was first implemented and affordability remains a challenge for people who do not qualify for a premium tax credit and must pay the entire premium themselves.
Consumers will be able to start enrolling in plans for the 2021 plan year beginning on Nov. 1.
Comments