Median premium increases for 2016 will be in the double digits and surpass those recorded between 2014 and 2015, analysis from McKinsey & Co. found.
Here are four things to know about the 2016 median premium hikes, according to The Fiscal Times.
1. Across the board, projected rate hikes for the lowest-price options in each insurance tier (Bronze, Silver, Gold and Platinum) will be substantially higher. For instance, monthly premiums for the lowest-price Silver plan will rise by a median rate of 11 percent next year, compared to a 7 percent increase between 2014 and 2015.
2. The median cost of Bronze plans, one of the most popular options because of its lower premiums, will rise by a median rate of 13 percent next year, compared with a 7 percent increase from 2014 to 2015.
3. Gold plans’ median premium rate will rise by 15 percent, compared to 8 percent last year, while Platinum’s premium rate will climb by 12 percent, compared to 10 percent last year.
4. Price hikes differ across markets, with consumers in some states seeing smaller premium increases while others might see increases ranging from 18 to 26 percent for the lowest-price Silver plans.
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