7 Ways Your ObamaCare Premium Could Increase for 2015
According to the American Action Forum, consumers who bought their health insurance through ObamaCare exchange sites are likely to see their premiums increase.
The main reasons why consumers may see an increase in their premiums is due to the fine print, specific regulations and data discrepancies in the exchanges.
This November, taxpayers will demonstrate their frustrations with ObamaCare by electing Republican leaders to Congress who will promote real health care reform by repealing this flawed and costly law.
Listed below are the seven possible scenarios in which your health care premium could increase according to American Action Forum:
1) Mismatched Data
- Depending on the information they provided to the exchange, some beneficiaries could be at risk of an increase in their monthly premium if they failed to submit additional information to CMS by September 30th.
2) Increase in Income
- Beneficiaries are required to report changes in income, family size, residence and a few other circumstances to the exchange within 60 days, and the exchange will then recalculate the amount of subsidy the individual or family is supposed to receive in light of their change in circumstance.
3) Another Family Member gets a Job
- The ACA requires that premium and subsidy amounts be determined by household income, rather than individual income.
4) Getting Married
- Depending on their respective incomes, the couple could see their premiums increase when their household size increases from one person to two.
5) Moving
- The ACA requires states to establish rating areas for the individual and small group market insurance inside and outside of the exchange according to the cost of health care in a particular region.
6) Auto-Enrollment in 2015
- If a beneficiary’s plan is still available, but the premium increases by 10 percent, then the beneficiary will be responsible for that additional 10 percent increase out of pocket.
7) The Benchmark Plan Changes
- Since the benchmark plan is defined as the second cheapest silver plan available in the exchange, the introduction of a less-expensive silver QHP or the removal of the most affordable silver QHP could alter the appointed silver benchmark plan in an exchange.