A report from the Department of Health and Human Services (HHS) outlines affordable options for consumers who use the Health Insurance Marketplace, including detailing savings on premiums for returning consumers who renew or change their insurance plans.
The report suggests that amid competition and additional health insurance choices, consumers have an opportunity to save on premiums next year but they should shop for plans soon.
More than seven in 10 consumers currently enrolled in marketplace plans can find a lower premium in the same level before tax credits by returning to the marketplace, the report found.
"The Health Insurance Marketplace is open for business, and consumers have affordable choices for renewing their coverage and signing up for the first time," said HHS Secretary Sylvia M. Burwell. "In todays marketplace, issuers are competing for business. With additional quality, affordable plans available, returning customers may find an even better deal if they shop and save."
According to a news release from HHS, "New choices and more competition in the Health Insurance Marketplace are giving consumers affordable options during open enrollment this year, and the majority of returning consumers who shop can save money on premiums.
"With 25% more issuers participating in the marketplace in 2015, based on analysis of 35 states, more than 90% of consumers will be able to choose from three or more issuers - up from 74% in 2014. Consumers can choose from an average of 40 health plans in their county for 2015 coverageup from 30 in 2014.
Open enrollment for health insurance plans is available through Feb. 15. An estimated 6.7 million people had health insurance through marketplaces created under the Affordable Care Act when the current enrollment period opened on Nov. 15, according to The New York Times. By Nov. 28, just 6% of those people had renewed their plans or chosen a different option for 2015, according to the article.
"For the vast majority of people, if they stay in the same plan, they will see rate increases in the single digits, to high single digits," said Andrew M. Slavitt, principal deputy administrator for the Centers for Medicare and Medicaid Services in the article.
