CMS reported average rate changes in health insurance premiums for 2023 on the federal exchange marketplace for two types of sample consumers – a 27 year old, and a family of four. The premium cost for the second-lowest cost silver plan (benchmark) is reported to increase by 4%, on average, for the 2023 enrollment starting Nov. 1. According to CMS, the average benchmark silver plan premium for a 27 year old is expected to be $382 in 2023. The average benchmark plan (with the American Rescue Plan implementation) was estimated to be $368 per month in 2022. After subsidies, a 27 year old with income at 150% of federal poverty level (i.e., $20,385 per year) would pay $0 for the lowest cost silver plan in 2023. For the Family of Four example, the benchmark silver plan cost $1,503 per month on average. The lowest cost plan (probably a Bronze plan) will cost $1,093 per month for incomes at 250% of the federal poverty level ($69,375 household income). However, after qualifying subsidies, the family cost was just $1 per month.
The median deductible for 2023 is $7,471 for a Bronze plan and $5,388 for a standard Sliver plan. The bronze deductibles are up 8% ($538) on average. The silver deductibles are up 4% ($223) for 2023. Since the 2019 plan year, deductibles have increased by $1,103 for bronze plans and $917 for the silver standard plan.
The healthcare.gov exchange will open on November 1, 2022. If you want coverage to start January 1, 2023, you must enroll by December 15, 2023. Open enrollment on the Federal Exchange closes January 15, 2023 for coverage starting Feb. 1, 2023.
No information about average price hikes or reductions was presented for older consumers. Older enrollees pay up to 3 times more, but costs for older consumers in 2023 were not disclosed. Extra information for each state on 27 year olds and families of 4 can be found in the appendix file. CMS report October 26, 2022.