ACA Marketplace Premiums Decline for Third Consecutive Year
By Consumers for Quality Care, on April 27, 2022
A study conducted by the Urban Institute, and reported by Healthcare Dive, found that the average premium for ACA marketplace coverage dipped 1.8 percent in 2022 compared with the year prior, marking the third consecutive year that average ACA premiums declined.
A record number of Americans purchased insurance coverage through the ACA marketplace this year, in part thanks to federal relief funds that made coverage more affordable for millions of people.
The article notes that competition, either from Medicaid or from other insurers, often works in the favor of the consumer in driving premium prices down.
The study also notes that the decline in ACA premiums bucks the trend of sustained increases for job-based coverage, which provides insurance to a majority of nonelderly Americans.
However, without Congressional action, the expanded subsidies, which have allowed a record number of consumers to enroll in the ACA marketplace, will expire at the end of the year. This could result in millions of consumers no longer able to afford health care coverage. CQC urges lawmakers to address this issue and ensure that more Americans can access affordable, high-quality health insurance.