Changes in Benchmark Plans and Premiums and Effects of Automatic Re-Enrollment

HEALTH INSURANCE EXCHANGES: Changes in Benchmark Plans and Premiums and Effects of Automatic Re-enrollment on Consumers’ Costs (GAO - DHHS)

by BusinessNews Publishing

4.2 out of 5

Language	:	English
File size	:	1853 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	46 pages
Lending	:	Enabled

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The Affordable Care Act (ACA) has brought about significant changes to the health insurance landscape in the United States. One of the most notable changes is the of benchmark plans and premiums. Benchmark plans are standardized health insurance plans that are used to calculate the subsidies available to individuals and families who Free Download health insurance through the Health Insurance Marketplace. Premiums are the monthly payments that individuals and families pay for their health insurance coverage.

In 2023, there were some significant changes to benchmark plans and premiums. These changes are likely to have a significant impact on the number of people who are automatically re-enrolled in their health insurance plans.

Changes to Benchmark Plans

The most significant change to benchmark plans in 2023 is the addition of a new type of benchmark plan called the "enhanced silver plan." Enhanced silver plans offer more comprehensive coverage than traditional silver plans, and they have lower deductibles and out-of-pocket maximums.

The addition of enhanced silver plans is likely to make health insurance more affordable for many people. This is because enhanced silver plans are eligible for larger subsidies than traditional silver plans.

Changes to Premiums

Premiums for benchmark plans are increasing in 2023. The average premium for a benchmark silver plan is increasing by 4.3%. This increase is due to a number of factors, including the rising cost of healthcare and the increasing number of people who are using their health insurance.

The increase in premiums is likely to make health insurance less affordable for some people. This is especially true for people who do not qualify for subsidies.

Effects of Automatic Re-Enrollment

Many people who have health insurance through the Health Insurance Marketplace are automatically re-enrolled in their plans each year. This means that they do not have to take any action to keep their coverage.

The changes to benchmark plans and premiums in 2023 are likely to have a significant impact on the number of people who are automatically re-enrolled in their health insurance plans. This is because the changes are likely to make health insurance more expensive for some people.

If you are automatically re-enrolled in your health insurance plan, you should carefully review your plan and make sure that it still meets your needs. You may want to consider switching to a different plan that is more affordable or that offers more comprehensive coverage.

The changes to benchmark plans and premiums in 2023 are likely to have a significant impact on the number of people who are automatically re-enrolled in their health insurance plans. If you are automatically re-enrolled in your plan, you should carefully review your plan and make sure that it still meets your needs.

For more information on the changes to benchmark plans and premiums, please visit the Health Insurance Marketplace website.

HEALTH INSURANCE EXCHANGES: Changes in Benchmark Plans and Premiums and Effects of Automatic Re-enrollment on Consumers’ Costs (GAO - DHHS)

by BusinessNews Publishing

4.2 out of 5

Language	:	English
File size	:	1853 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	46 pages
Lending	:	Enabled

FREE