More Choices Lower Premiums for ACA Consumers Next Year
20 more insurers will be participating in 2020, expanding consumer choice in many states
TUESDAY, Oct. 22, 2019 (HealthDay News) -- There will be more health insurance choices and a slight decrease in premiums for many consumers next year under the Affordable Care Act, according to the Trump administration.
Twenty more insurers will be participating in 2020, which will expand consumer choice in many states, and nearly 70 percent of customers will be able to shop for a plan from three or more insurers, officials said Tuesday, the Associated Press reported.
For a hypothetical 27-year-old choosing a standard plan, premiums will fall 4 percent on average next year in states served by the federal HealthCare.gov website, officials said. That means the 27-year-old would pay monthly premiums of $374 for a low-cost midrange plan, but income-based subsidies could drop that to about $50, the AP reported.
About 10 million people are covered through the Affordable Care Act's insurance markets, which provide taxpayer-subsidized private plans for people who do not have work coverage, the AP reported.