Health insurance plans in the Affordable Care Act (ACA) exchange will experience a decline in premiums in 2020 although the health insurance marketplace will offer more plan choices. This will be the second year running that health insurance premiums on the ACA exchange will have a decrease.
The marketplace is going to get larger, with the number of insurers offering plans through the ACA exchanges growing from 155 insurers from 2019 to 175 insurers in 2020. With more insurers involved in the marketplace coupled with lower insurance premiums, this can be an indication that the marketplace is stabilizing, despite the past few years.
Those who enroll for health insurance coverage via the exchanges may also be eligible to receive subsidies for their premiums. Consumers who have an income of less than 400% of the federal poverty level can be eligible for advance premium tax credits. In 2019, 88% of those who enrolled in health insurance via HealthCare.gov were eligible for the advance tax credit, which in 2020 will be projected to have a max value of $519.
Open enrollment for 2020 health insurance coverage through the ACA exchanges begins November 1, 2019 and ends on December 15, 2019.
Read the original article from Modern Healthcare here.