ACA Rate Increases For 2024

[scrabbler1]

I have started similar threads on this topic the last few years. I recently received a letter from my HI company telling me what they are filing for 2024. They are filing a 17.45% increase this time, pushing my unsubsidized monthly premium (Silver plan) up $140 to $943 (for one person).

My state's (NY) Department of Financial Services usually reduces filed rate increases, so it is unlikely this will hold up.

Like the last few years, I am well under the ACA premium subsidy cliff thanks to finally dumping in late 2019 an actively managed stock fund I had been in for more than 20 years and replacing it with a similar index fund. Thanks to the 2021 law change which eliminated the cliff and also increased the ACA premium subsidy, I am now paying only around 38% of the total premium.

Have any of you received preliminary letters regarding 2024 rate changes?

 

[Dtail]

Not yet but 2024 will be the last full year for ACA usage for me. Has worked out great so far.

 

[jim584672]

A bit of good news for NY.

NYS has applied for a 1332 innovation waiver for 5 years (2024 through 2028) for the Essential Plan to be extended from 200% FPL up to 250% ($36,450 1 person house) FPL. The 200% - 250% group would have a $15 a month premium, $0 deductible, MOOP of $2,000, dental and vision included.

 

[PaunchyPirate]

Pennsylvania doesn't reveal any info about the requested rate increases until about August 1st. And the 2 insurance companies I have used in my 5 years on ACA have never sent me any notices in advance of the open enrollment. So I'll likely have to just monitor the state's Insurance Department website in August to see where things are going.

 

[COcheesehead]

No word in Colorado. Last year I switched from a gold to a bronze, that saved us almost $200 a month and allowed us to contribute to HSAs.

 

[VanWinkle]

No letter here in Illinois for my SO who is on the ACA until Aug 2024. We are on our way to Tennessee right now and she will have to re-apply for a new plan in Tennessee.

VW

 

[SecondCor521]

Idaho's process plays out later in the year, I think. Last few years have been very stable price-wise for me. I'm on a Bronze HSA qualified plan.

With kids going through college and becoming tax independent off and on, and trying to optimize Roth conversions, the amount of ACA subsidy I get can vary quite a lot and isn't really indicative of changes in my state ACA marketplace.

 

[USGrant1962]

Maryland posted the proposed 2024 rate changes a few days ago. They average +5.7%, my specific plan (the largest in the State) is +6.4%. In as much as the State will squeeze them down a little, I expect a relatively small increase this time.

https://insurance.maryland.gov/Docu...s/ACA-Premium-Rates-Proposed-2024-6122023.pdf

 

[COcheesehead]

Just got my email from the exchange a few minutes ago. Open enrollment starts November 1st. If we keep the same plan, report the same income, our HSA eligible bronze level plan goes from $767/month to $693/month. Deductibles and yearly caps increase. I didn’t expect a drop though out of pocket could be higher if we make a claim.
Two adults, age 60/62. United Healthcare.

 

[PaunchyPirate]

I got my first letter from Pennsylvania’s exchange. If my estimated income remains the same (it won’t) my Gold PPO plan would rise about $195 per month in cost. However, my PTC/subsidy will also rise about $95 per month leaving me with about a $100/month increase.

These amounts include the fact that I am a year older, which obviously accounts for a portion of the increase.

I can’t yet access our exchange to “what-if” my guesstimated 2024 income. I’m also not yet able to see what HSA-compatible plans are like this year in case I wanted to move to one.

Given the spiraling costs seen most everywhere, I’m not surprised by the numbers.

 

[bobandsherry]

Healthcare.gov updated with next year plans. About 9% increase for my Florida Blue HSA premium.

And of course the OOP and deducible went up a bit too.

 

[SecondCor521]

Idaho's process plays out later in the year, I think. Last few years have been very stable price-wise for me. I'm on a Bronze HSA qualified plan.

With kids going through college and becoming tax independent off and on, and trying to optimize Roth conversions, the amount of ACA subsidy I get can vary quite a lot and isn't really indicative of changes in my state ACA marketplace.

For the "same" plan, there was a 1.84% increase. The Bronze HSA qualified plan has a deductible and OOP max that went up $500 (from $7500 to $8000). That may be associated with the HSA rules; I'm not sure.

 

[Alex The Great]

2024 will be the first year on ACA for me. We already have all prices published on coveredca.com. Based on projected income of $25K, Blue Shield of CA Bronze HD PPO plan monthly premium cost increased from $330 to $460 compared to 2023, while deductible and OOP remain almost the same. And even with the higher premium, some of my doctors moved out of this plan (and out of ACA plans all together).

 

[FrankiesGirl]

Got a letter from my current provider in Tx and my premiums will double, while they're removing some benefits/raising OOP and such. Disappointing, but I've always had rates increase the 8 years I've been doing the ACA (just not this much). I'll just have to look around at what's on offer.

 

[scrabbler1]

A few weeks ago, New York's DFS published a list of approved rate increases for its health insurers. I don't know how to reformat a table, so I can only show the link.

https://myportal.dfs.ny.gov/web/pri...edical/summary-of-2024-requested-rate-actions

Also, I got a letter from the NY exchange (NYSDOH) which showed the monthly premium subsidy I will be receiving in 2024.

 

[mike SC]

South Carolina exchange, Wife's rate went from $29.00 to $99.31 no income increase from prior year. Also now with the Bronze plan they call the Expanded Bronze plan with Ambetter, Also the following. Glad we only need it for 2 months in 2024 so we will just leave it as is

Primary care physician $50 copay
Specialist $100 copay
Telehealth $75 co pay
Urgent care $75 copay
Prescriptions $25 copay per fill generic or $50 per brand fill
not do mention the max out of pocket is now $9400

 

[USGrant1962]

Maryland posted the proposed 2024 rate changes a few days ago. They average +5.7%, my specific plan (the largest in the State) is +6.4%. In as much as the State will squeeze them down a little, I expect a relatively small increase this time.

https://insurance.maryland.gov/Docu...s/ACA-Premium-Rates-Proposed-2024-6122023.pdf

My renewal quote for BlueChoice HMO HSA Bronze is +8.5%.

 

[Dtail]

My brother goes on Medicare next year, so filing single for 2024.
It appears that my rate will go up close to 15%, while staying below 150% of FPL.
Yes the controlling of MAGI for subsidies have worked out well for me. Next year is my last year on the ACA.

 

[PaunchyPirate]

I'm now able to see the 2024 plan details for my local BC/BS plan which is what I currently have. I currently have a higher-end Gold PPO plan with them. Happily, the plan for 2024 looks to have the same features and costs. Only the premium goes up (as expected). My plan still will have a $0 deductible, BlueCard support for emergency AND routine care at most places that accept BC/BS insurances nationwide with significant worldwide coverages. I haven't studied the co-pays yet, but at first glance, they seem untouched from the current year. Basically, it's the same exact plan as I currently have, except at a higher premium. I can live with it.

However, I will re-crunch the numbers to see if I might want to switch to an HSA-compatible plan for 2024. I've never done one in the past, and I may do it this year just to test out the waters.