|
New Report: Health Insurance Marketplace Will Have 25
Percent More Issuers in 2015
77 new health insurance issuers means greater choice and
competition for consumers
Special to The Truth
A report released last week by the Department of Health and
Human Services shows that consumers will have more choices
as they shop for quality, affordable coverage on the Health
Insurance Marketplace in 2015, because there will be a net
25 percent increase in the number of issuers offering
Marketplace coverage in 2015. In total, 77 new issuers will
offer Marketplace coverage.
“When consumers have more choices, we all benefit,” said
Secretary Sylvia M. Burwell. “In terms of affordability,
access, and quality, today’s news is very encouraging. It’s
a real sign that the Affordable Care Act is working.”
Today’s report examines preliminary data from 36 states run
or fully supported by the federal government (Federal
Marketplace) plus eight states operating State-based
Marketplaces, and finds that a larger set of insurance
issuers will offer plans in the Marketplaces in 2015.
Specifically:
-
In the 44 states for which we have data, 77 issuers will
be newly offering coverage in 2015.
·
The Federal Marketplace states alone will have 57 more
issuers in 2015; a 30 percent net increase over this year.
-
The eight State-based Marketplaces where data is already
available will have a total of six more issuers in 2015,
a ten percent net increase over this year.
-
Four of the 36 states in the Federal Marketplace will
have at least double the number of issuers they had in
2014.
-
In total, 36 states of the 44 will have at least one new
issuer next year. And some of the nation’s largest
insurance companies will be offering coverage in more
than a dozen new states, joining the hundreds of
insurance companies already participating in the
Marketplace.
The report’s findings are preliminary.
Last week’s report demonstrates that the Marketplace is
working to increase competition and lower costs for
consumers. Previous
estimates
have found a correlation between greater competition and
lower costs. Specifically, an increase of one issuer in a
rating area is associated with a 4 percent decline in the
second-lowest cost silver plan premium, on average. In
2014, consumers in regions with larger numbers of issuers
were able to access a wider range of choices.
To read last week’s report, visit: aspe.hhs.gov/health/reports/2014/NewEntrants/ib_NewEntrants.pdf
|
