STATE-BY-STATE PRESS RELEASES: Average Premiums in the Marketplaces After Tax Credits
Today, HHS released a new report, with state-by-state information, on the average premiums in the Health Insurance Marketplaces after tax credits in 2014, in the 36 states with federally-facilitated Marketplaces. (Comparable data for the 14 states with state-based Marketplaces are not available.)
HHS has prepared state-by-state press releases on the premium data contained in the new report for the 36 states. For the state-by-state press releases, click here. (The document contains all 36 state press releases, in alphabetical order. Scroll through until you find your state’s press release.)
The state-by-state press releases contain various useful premium data for your state. For example, the press release for North Carolina shows that, in 2014, in the Health Insurance Marketplace:
- North Carolinians who selected silver plans, the most popular plan type, with tax credits paid an average premium of $70 per month.
- In North Carolina, 71 percent of enrollees who selected Marketplace plans with tax credits had premiums of $100 a month or less (after tax credits.)
- In North Carolina, 48 percent of enrollees who selected Marketplace plans with tax credits had premiums of $50 a month or less (after tax credits.)
- Monthly premiums for North Carolinians who selected plans fell 79 percent after tax credits, dropping the average monthly premium from $381 before tax credits to $81 after tax credits across all plan types.
Under the Affordable Care Act, the advanceable premium tax credits work as an immediate discount on the premium consumers pay. The consumer pays each month only the premium that is left after the tax credit is taken into account. (The premium tax credit is automatically paid directly to the insurer by the government.)
The HHS report also looks at competition and choice for Marketplace shoppers in all 50 states. The report found that on average, nationwide, consumers could choose from five health insurers and 47 Marketplace plans. Competition was also found to lower premiums. The report found that an increase of one issuer in a rating area was associated with a 4 percent decline in the second-lowest cost silver plan premium, on average.
For the full HHS report, click here.