EconomyEditor's PickNewsTrump administration says Obamacare plan premiums 2% lower in 2021

1 year ago95 min
imageWorld8 hours ago (Oct 19, 2020 07:50PM ET)

(C) Reuters. A sign on an insurance store advertises Obamacare in San Ysidro

(Reuters) – Premiums for an average health insurance plan under the Affordable Care Act has dropped by 2% for the 2021 coverage year, according to a report released by the Trump administration, which is seeking to invalidate the 2010 healthcare law.

The Centers for Medicare & Medicaid Services (CMS) on Monday said the trend of lower premiums and increased issuer participation for, a health insurance exchange website under the United States federal government, will continue in 2021.

The average premium for its benchmark “silver” plan dropped by 2%, and 22 more issuers will offer coverage in 2021, the agency said in the report.

The Trump administration said four states – Iowa, Maine, New Hampshire and Wyoming – will see double-digit decreases in the average benchmark plan premiums for 27-year-olds in the coming year.

Increased participation of issuers will mean greater choice for consumers, the administration said in the report.

However, it said the average premiums are still significantly higher than when the Affordable Care Act (ACA), better known as Obamacare, was first implemented.

The average benchmark plan premium for a typical family of four has increased from $794 in 2014 – the first year the ACA’s main requirements were introduced – to $1,486 in 2021, the report said.

Users can start enrolling in plans for 2021 between Nov. 1, 2020 and Dec. 15, 2020, with coverage beginning on Jan. 1, 2021.

Trump administration says Obamacare plan premiums 2% lower in 2021

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