The U.S. Department of Health and Human Services released this week a report outlining the impact of advanced premium tax credits on premiums in the Health Insurance Marketplaces.
In North Dakota, 15,997 individuals are signed up for coverage through the Marketplace as of Jan. 30, and 86 percent of those are estimated to qualify for an average of $230 per person/month in advanced premium tax credits. On average, premium tax credits reduced consumers’ monthly premiums by 61 percent in North Dakota. Among all consumers who are signed up for 2015 coverage to date in the 37 HealthCare.gov states, 8 in 10 could choose a plan with a premium of $100 or less after tax credits, based on available options.
Among 6.5 million consumers in the 37 state using the HealthCare.gov platform who selected a plan with advanced premium tax credits, the average monthly premium for 2015 coverage dropped from $374 before tax credits to $105 after tax credits, for an average tax credit amount of $268 per person/month. This analysis includes plan selections from Nov. 15 through Jan. 30: depending on the characteristics of people who sign up prior to Feb. 15, the statistics in the report could change.