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Thursday April 24th 2014

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Study Predicts 30% Premium Increase Under Affordable Care Act

CoveredCaliforniaA study released Thursday by Covered California, the state’s health insurance exchange, provides the first detailed look at the factors that will affect premium prices for the expanded and enhanced new health plan products it will be offering to individuals beginning Oct. 1 as it moves forward with the implementation of the Affordable Care Act (ACA). The study by the actuarial firm, Milliman, finds premiums could rise for some individuals who will purchase the new health plan products through Covered California, if they don’t qualify for federal subsidies offered under health care reform. The study says the factors increasing premiums include the requirements for richer benefits for individual plans, the increasing number of older and less healthy people who will obtain coverage and several other changes mandated by the ACA. People who are eligible for subsidies, however, could likely pay significantly less in monthly premiums compared to prior years according to a report that recently ran at www.yahoo.com.