It has been a while since we last updated you all on Obamacare, the Affordable Care Act (ACA). I recently came across some news this month that pertains specifically to Texas. It seems that there will be less plans to choose from, and rates will continue to be increasing anywhere from 11-59% in the individual ACA plan market.
While it is true that open enrollment starts on November 1, 2016, it is best to start preparing for that early. As was the case in the past, it is best to shop plans as there are many changes again this year.
One of the changes in Texas is that United Healthcare has confirmed that they are leaving the state individual ACA plan market. As a result of this change, it is possible that in Texas that there will only be two national insurers offering individual ACA health plans in 2017.
Secondly, the requested rate increases for multiple insurers have been published. The rate increases by insurers thus far include:
- Blue Cross Blue Shield 57-59%
- Aetna 20%
- Scott and White 31-33%
- Cigna 23%
- Humana 45%
- Oscar 11-22%
As a result of these changes in the Texas individual ACA plan market, it may be wise to enter into a small group if your employee group is three individuals or more. Based on early research, small group ACA plans are increasing their premiums by 8-19%, which is significantly less than most of the individual ACA plan rate increases. Moreover, these small group ACA plans offer more plan options than individual ACA plans.
As more information becomes available, we will once again report them here. For more posts on Obamacare from our website, please follow this link.
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