My ACA premiums went up 128% in 2019 anybody else get hit with big increases

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iamblessed
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Joined: Sat Jun 09, 2018 11:52 am

My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by iamblessed » Thu Dec 06, 2018 9:17 pm

I was shocked to see it go up so much. This is with help from the government. Can make it hard to budget.

arf30
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by arf30 » Thu Dec 06, 2018 9:22 pm

ACA subsidies were cut, resulting in premium increases.
Last edited by arf30 on Sun Dec 09, 2018 12:01 pm, edited 1 time in total.

Spirit Rider
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by Spirit Rider » Thu Dec 06, 2018 10:07 pm

arf30 wrote:
Thu Dec 06, 2018 9:22 pm
ACA subsidies were cut by the current administration, resulting in premium increases.
Trying to avoid a political basis to this discussion, but facts are important. Basic ACA subsidies were NOT cut, they are fixed in law.

What was done is that cost sharing reimbursements to insurance companies were halted. Those then had to be absorbed by the insurance companies who then predictably compensated by usually factoring that into Silver Plan premiums.

Since a distinct minority of people are receiving cost sharing, this caused some minor increases in premiums. No way is this responsible for what the OP is seeing. My Silver Plan premiums actually went down.

Katietsu
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by Katietsu » Thu Dec 06, 2018 10:17 pm

The cost of the “second lowest silver plan”, on average, is reportedly decreasing 1.5%.

https://www.cms.gov/newsroom/fact-sheet ... conditions

Sorry if your area and needs are leading to surprising increase in your premiums.

pdavi21
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by pdavi21 » Thu Dec 06, 2018 10:19 pm

My premiums went down 100%. I am no longer going to have health insurance though.

EDIT: seriously, I'd say mine would've rose 2-10% if I had decided to get insurance for 2019.

Your case is strange, but if you live in a good state, you can get non ACA approved insurance without getting fined (or subsidized)...may be worth a look.

iamblessed
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by iamblessed » Thu Dec 06, 2018 10:46 pm

This is for the cheapest bronze plan in the area.

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MP123
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by MP123 » Thu Dec 06, 2018 11:06 pm

Your net premiums after subsidies (premium tax credits) might have gone up 128% but there has been no cut in the subsidy formula by anyone.

Your income may have increased, you're a year older, the premiums for the second lowest cost silver plan in your area may have decreased, and so on. It's a complex calculation.

Look on the bright side, at least you're getting a subsidy and your premiums will never be more than 9.86% of your income. Much worse for people just over the income cliff that get no subsidies but still get 20-30% premium increases with no cap.

How much was the increase in dollars?

JackoC
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by JackoC » Thu Dec 06, 2018 11:19 pm

Health insurance now is a really interesting personal finance topic if it can stay away from politics and moralizing, always a risk with the topic. But, when people report stuff without saying which state it's in or other specifics, it's really hard to make head or tail of it. Seems like few people post under their real names so why not just say where you live, how much you make, and what the premium was/is. Nobody is asking *you* the real person for personal info, just the screen name. :happy

quantAndHold
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by quantAndHold » Thu Dec 06, 2018 11:55 pm

They calculate the subsidy based on a silver plan. The price of your bronze plan probably went up when compared to the silver plan that the subsidy is based on. With a subsidized plan, though, the “128%” increase doesn’t mean much. It could mean that your subsidized premium went from $10 to $22.80 for all we know.

cas
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by cas » Fri Dec 07, 2018 6:55 am

At a pure data level, the Kaiser Family Foundation has recently published a tool that shows "How ACA Marketplace Premiums Are Changing by County in 2019". The exact configurations of age/income/location/plan type shown may or may not come close to reflecting OP's exact situation. But it should give an idea whether it is a change in the overall prices of plans for OP's location or a change in OP's personal situation that is at the root of the increase.

"How ACA Marketplace Premiums Are Changing by County in 2019", November 2018, Kaiser Family Foundation, https://www.kff.org/health-costs/issue- ... y-in-2019/
We analyzed premium data from insurer rate filings to state regulators and healthcare.gov to see how premiums are changing at the county level both before and after subsidies in 2019. The map below illustrates changes in premiums for the lowest-cost bronze, silver, and gold plans by county. Results are shown for a 40-year-old paying the full premium and for a 40-year old with an income of $20,000 (165% of poverty), $25,000 (206% of poverty), $30,000 (247% of poverty), $35,000 (288% of poverty), and $40,000 (329% of poverty), who would be eligible for a premium tax credit.

iamblessed
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by iamblessed » Fri Dec 07, 2018 9:33 am

My income stayed the same. I always buy the cheapest plan and that is how much it went up. It went from $100 to $228. I just did not know it could take a jump like that.

Spirit Rider
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by Spirit Rider » Fri Dec 07, 2018 10:20 am

As pointed out by @quantandhold, the percentage increase in your "subsidized" premiums is a distorted and misleading metric.

My subsidized premium decreased 100%, but only changed $13.38/month.

Yes, you pay the subsidized premium, but does not accurately reflect the premium increase.

If your susidy stayed the same, the premium could have only increased from $1000 -> $1128 a 12.8% increase.

What was the premium increase?

jjface
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by jjface » Fri Dec 07, 2018 10:40 am

Mine went up in a similar manner. Did the same last year. All the good ones raise prices and then leave the marketplace. The ones left in my state are either expensive or by a provider that also does medicaid. You probably could find something cheaper by switching to a different provider. That is what I had to do

finite_difference
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by finite_difference » Fri Dec 07, 2018 10:45 am

Spirit Rider wrote:
Thu Dec 06, 2018 10:07 pm
arf30 wrote:
Thu Dec 06, 2018 9:22 pm
ACA subsidies were cut by the current administration, resulting in premium increases.
Trying to avoid a political basis to this discussion, but facts are important. Basic ACA subsidies were NOT cut, they are fixed in law.

What was done is that cost sharing reimbursements to insurance companies were halted. Those then had to be absorbed by the insurance companies who then predictably compensated by usually factoring that into Silver Plan premiums.

Since a distinct minority of people are receiving cost sharing, this caused some minor increases in premiums. No way is this responsible for what the OP is seeing. My Silver Plan premiums actually went down.
Perhaps technically correct, but I think you see the end result is the same.

Although the average might be little changed, that doesn’t mean it couldn’t have had a larger impact on some areas than others. It definitely didn’t help.

ACA depends a lot on which state you reside. If your state refused federal funds because the state government didn’t want to expand Medicaid (for example, out of principle), then ACA is much more costly apparently.

I guess the sicker on average your state is compared to other states might matter too. And that can set-up feedback: less people have health insurance -> sicker state -> higher coverage -> less people insure -> state becomes even sicker.

So it helps a lot to list your state and the dollar amount, not just the %. 100% of $20 is much better than 10% of $400.

When I was young and healthy, pre-ACA, I was paying over $400/month for private health insurance and my plan went up over 20% the next year, for no apparent reason.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

quantAndHold
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by quantAndHold » Fri Dec 07, 2018 8:22 pm

Spirit Rider wrote:
Fri Dec 07, 2018 10:20 am
As pointed out by @quantandhold, the percentage increase in your "subsidized" premiums is a distorted and misleading metric.

My subsidized premium decreased 100%, but only changed $13.38/month.

Yes, you pay the subsidized premium, but does not accurately reflect the premium increase.

If your susidy stayed the same, the premium could have only increased from $1000 -> $1128 a 12.8% increase.

What was the premium increase?
Or, the bronze premium went down, but the silver plan that gets used to calculate the subsidy went down more. The math behind this is just weird.

FWIW, my subsidized premium went up too, but it wasn’t as shocking because my subsidy is much lower. The actual premium went up about $200, and I’m paying about $50 more.

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MP123
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by MP123 » Fri Dec 07, 2018 8:35 pm

cas wrote:
Fri Dec 07, 2018 6:55 am
At a pure data level, the Kaiser Family Foundation has recently published a tool that shows "How ACA Marketplace Premiums Are Changing by County in 2019". The exact configurations of age/income/location/plan type shown may or may not come close to reflecting OP's exact situation. But it should give an idea whether it is a change in the overall prices of plans for OP's location or a change in OP's personal situation that is at the root of the increase.

"How ACA Marketplace Premiums Are Changing by County in 2019", November 2018, Kaiser Family Foundation, https://www.kff.org/health-costs/issue- ... y-in-2019/
We analyzed premium data from insurer rate filings to state regulators and healthcare.gov to see how premiums are changing at the county level both before and after subsidies in 2019. The map below illustrates changes in premiums for the lowest-cost bronze, silver, and gold plans by county. Results are shown for a 40-year-old paying the full premium and for a 40-year old with an income of $20,000 (165% of poverty), $25,000 (206% of poverty), $30,000 (247% of poverty), $35,000 (288% of poverty), and $40,000 (329% of poverty), who would be eligible for a premium tax credit.
That's an interesting link, thanks.

Comparing the unsubsidized map of premium changes with the heavily subsidized (165% FPL) one is especially telling.

mhalley
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by mhalley » Fri Dec 07, 2018 11:23 pm

My unsubsiized bronze plan went from 2461 to 2845.

bberris
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by bberris » Sat Dec 08, 2018 6:48 am

With a heavily subsidized plan, you are paying the small difference between two large numbers, the premium on the plan you choose, and your subsidy. That difference is going to be volatile, even when there are smallish changes in the two large numbers.

JoeRetire
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by JoeRetire » Sat Dec 08, 2018 8:03 am

iamblessed wrote:
Thu Dec 06, 2018 9:17 pm
I was shocked to see it go up so much. This is with help from the government. Can make it hard to budget.
Where are you located?

My premiums are going down a small amount for 2019 here in MA.

basspond
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by basspond » Sat Dec 08, 2018 9:26 am

I am not on ACA but our insurance changed from being only a copay to a percentage of costs. Hard to determine what that cost increase will be.

bltn
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Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by bltn » Sat Dec 08, 2018 10:36 am

pdavi21 wrote:
Thu Dec 06, 2018 10:19 pm
My premiums went down 100%. I am no longer going to have health insurance though.

EDIT: seriously, I'd say mine would've rose 2-10% if I had decided to get insurance for 2019.

Your case is strange, but if you live in a good state, you can get non ACA approved insurance without getting fined (or subsidized)...may be worth a look.
Good luck in the coming year. People without health insurance need a lot of good luck.
(Somebody had to say it.)

FlamingoTime
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Joined: Sat Nov 09, 2013 10:01 am

Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Post by FlamingoTime » Tue Dec 11, 2018 3:26 am

Ours went from approx $336 monthly to $537. A 60% increase with no change in income, etc. Very frustrating!

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