If You Like Your Obamacare Plan, It'll Cost You

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    Aug 07, 2014 2:43 AM GMT
    Consumers could be hit with major price increases, without even knowing it, if they don’t switch their health care plans.

    If you like your Obamacare plan, you can keep it—but you might end up paying a whole lot more.

    People who decide to stick with the coverage they've already gotten through Obamacare, rather than switching plans, are at risk for some of the biggest premium spikes anywhere in the system. And some people won't even know their costs went up until they get a bill from the IRS.

    Insurance plans generally raise their premiums every year, but those costs are just the tip of the iceberg for millions of Obamacare enrollees. A series of other, largely invisible factors will also push up many consumers' premiums.

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    Aug 07, 2014 11:10 PM GMT


    Under the Affordable Care Act, federal premium assistance is tied to the second lowest cost silver plan (“benchmark plan”) in a given region. Subsidized exchange enrollees who select a more expensive plan must pay the difference—dollar for dollar—between the benchmark plan premium and their selection.

    In six of nine states analyzed by Avalere, the 2014 benchmark silver plan will lose benchmark status in 2015. Further, in seven of the nine states, the lowest cost silver plan will also change in 2015.