Should I plan for my premium to go up next year?

Published 11/06/2014 08:29 AM   |    Updated 11/06/2015 02:57 PM
Should I plan for my premium to go up next year?

Companies are raising average 4-5%, but individual increases vary widely because insurance policies may include different coverage, co-pays and deductibles.

 

In addition, individuals purchasing health insurance through the federal Marketplace whose household income falls between 100% and 400% of the federal poverty level are eligible for tax credits to help pay the premium, and their portion of the premium payment may go up or down depending on various factors.

 

It is important for people to update their financial information throughout the year at healthcare.gov. This will help you to receive the appropriate amount of financial assistance and reduce the chances that you will need to pay back a large amount come tax time. It is also EXTREMELY important to shop for health insurance EVERY year. What was a good deal for you last year may not be a good deal this year. For some individuals, premium increases may exceed $150 per month. Additional information for the 2015 Federal Poverty Level guidelines can be found here .

Was this answer helpful?
 
Your rating has been submitted, please tell us how we can make this answer more useful.

Print