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The State of Health Insurance 2023: Has the ACA Changed?
The enhanced subsidies in the Inflation Reduction Act lower payments for people who were already eligible for subsidies under the original ACA. If you're eligible for a subsidy, the premium increases mentioned above won't affect you. Either way, the best way to find out the price of health insurance offered to you is to compare rates by entering your zip code on this page. Have proof of income handy to see if you're eligible for 2023 health insurance subsidies.
There have been changes in health insurance since you enrolled in a plan last year. It's important to understand the new health insurance guidelines for 2023 to set right expectations when choosing the right plan. Here's what else you should know before buying health insurance this year.
How Health Insurance Prices Are Changing
As you can see in the table below, premiums were highest in 2018, leaving insurers to send rebates to their policyholders. By 2022, rates were adjusted to avoid overtaxing policyholders but some insurers came up short, and we estimate only a small increase in premiums in 2023.
Year Age, Plan Tier, Average Premium
2023 40 Silver $450
2022 40 Silver $440
2018 40 Silver $488
It is a bad idea to auto renew because you may not get the full subsidy this year. To compare rates, visit https://smartfinancial.com/