Those seeking health insurance on the Obamacare exchanges beginning in November will see big increases in premiums an independent analysis has found.
In Illinois, the increase for the most popular average silver plan will be from $620 in 2017 to $815 in 2018, a 31% increase. The rate hike will be even larger in Wisconsin the analysis found, rising from $632 to $823.
Nationwide, premiums will go up an average of 34% they estimate, although they can fluctuate wildly and in some states, rates could go down.
The company doing the analysis, Avalere, say it experts, “attribute premium increases to a number of factors, including elimination of cost-sharing reduction (CSR) payments, lower than anticipated enrollment in the marketplace, limited insurer participation, insufficient action by the government to reimburse plans that cover higher cost enrollees (e.g., via risk corridors), and general volatility around the policies governing the exchanges.”
They also contend that the healthcare marketplaces are so volatile, it is difficult to estimate costs or cost increases accurately, and add that many who receive subsidies for their health care may not see increases at all.
Enrollment begins November 1st.