The individual market is a key source of comprehensive health coverage for nearly 20 million Americans. Of the 14.5 million people who sign up for coverage through the Affordable Care Act (ACA) health insurance marketplaces, almost all (89%) are eligible for financial assistance to lower their monthly premiums. As states begin to reveal individual market premium rates for 2023, a new briefing note from AHIP examines the factors influencing next year’s premiums. These factors include potential expiration of American Rescue Plan Act (ARPA) premium subsidies, policy changes impacting individual market risk pool, COVID-19 related costs and usage, and rising costs for medical services and prescription drugs.
“Affordable health coverage is key to improving access to high-quality care,” said
The briefing note included several policy recommendations, including:
* Congressional action is needed to address rising health care costs; promote stable and competitive markets; and expanding access to affordable, high-quality care.
* States and the administration must continue their work to prepare for Medicaid redeterminations at the end of the public health emergency, including ensuring that processes and resources are in place to help Americans make the redeterminations or to make a smooth transition to new coverage.
*Any policy changes should be finalized well in advance of state and federal filing deadlines to allow health insurance providers ample time to develop products, networks, and pricing in response to new policies.
Read the briefing note (https://www.ahip.org/resources/factors-influencing-2023-individual-market-premiums).
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Original text here: https://www.ahip.org/news/press-releases/new-ahip-resource-understanding-whats-influencing-the-2023-individual-market-premiums