Dive Brief:
- HHS has released a report this week illustrating health insurance marketplace consumers actively shopped around for plans last year, with 31% of returning enrollees from 2014 changing plans for 2015.
- The findings show consumers who changed to a plan at the same level of coverage saved nearly $400 annually after tax credits, compared to what they would have paid if they had remained in the same plan. Consumers who also changed to a new issuer at the same level of coverage saved even more, at more than $490 after tax credits.
- HHS estimates during the coming open enrollment, consumers who change to the lowest premium plan at the same level can expect to save an average of $610 annually before tax credits.
Dive Insight:
As we approach an enrollment period with premiums going up an average of 7.5%, the administration's message is most consumers will still actually have options that can save them money.
The agency says for 2016, more than eight in 10 current ACA plan enrollees will be able to find a plan at the same level with lower premiums before tax credits--if they shop.
“Our message to returning Marketplace customers is simple: Shopping may save you money,” HHS Secretary Sylvia M. Burwell said in a prepared statement.
Among the report's findings:
- Plan-switching among marketplace consumers is high compared to historical estimates of plan switching among consumers of employer sponsored plans, the Federal Employee Health Benefits Program and Medicare Drug Plans.
- Markeplace consumers more commonly switched issuers in 2015 than metal level (bronze, silver, etc.)
- Silver plans reign in popularity. Enrollment is higher for this level than any other, and most 2014 silver plan enrollees (91%) remained in silver plans for 2015.