The State of Health Insurance 2023: Has the ACA Changed?

COSTA MESA, Calif. - Dec. 6, 2022 - PRLog -- Health insurance may be the last thing you'd expect to be affected by inflation, but medical bills, equipment and services are more expensive than ever, pushing health insurance premiums up in some parts of the country. On average, marketplace health insurance plan premiums are increasing by 4%, according to Healthcare.gov. However, some states are seeing premiums rise by as much as 15% while other states saw premium prices drop by 18%.

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/health-insurance