Yes, Some People WILL have a rate DECREASE in 2017 for Health Insurance!

I can not confirm this yet, but it does appear that if you are getting tax credits now to help with your premium and deductibles, YOUR PREMIUM WILL GO DOWN!

The reason it looks like this will happen is that your tax credit is based on the premium for the second lowest priced silver plan on the marketplace.  Well last year, the Silver 04 plan was the second lowest priced plan, now the Silver 04 plan is the lowest priced plan.  This means that the tax credit will be based on the higher priced plan and when you pick the Silver 04 plan, you will pay what you were paying last year based on your income LESS the difference between the Silver 01 and Silver 04 plans!

So in my example, last year, if my income as an individual was $40,000, I would have paid about $300 per month for the Silver 04 Plan due to tax credits since it was the 2nd lowest premium Silver plan.  This year, I will only pay $300 per month for the Silver 01 plan.... BUT I can drop down to the Silver 4 plan which is the lowest premium plan and save about $90 per month!  So I get almost the same plan as last year for less!

		Blue Cross Blue Shield of Tennessee
		Bronze 7 Plan	Bronze 7 Plan		Silver 04 Plan	Silver 04 Plan
		2016	2017		2016	2017
Network		Network S	Network S		Network S	Network S
Deductible (2 Per Family max)		$5,200	$5,200		$2,000	$2,000
Co-Insurance - % BCBST pays after deductible has been met but BEFORE Max Out of Pocket is Met		50%	50%		50%	50%
Out of Pocket Maximum (2 Per Family max) after this Blue Cross Pays 100%		$6,400	$6,400		$4,000	$5,100
Office Visits		Deductible/ Coinsurance Office Visit	Deductible/ Coinsurance Office Visit		Deductible/ Coinsurance Office Visit	Deductible/ Coinsurance Office Visit
Prescription Benefits		Deductible/ Coinsurance Prescription Benefit	Deductible/ Coinsurance Prescription Benefit		Deductible/ Coinsurance Prescription Benefit	Deductible/ Coinsurance Prescription Benefit
HSA Compatable?		HSA Compatable	HSA Compatable		NOT HSA Compatable	NOT HSA Compatable
Monthly Premium before Subsidies		$226.38	$395.33		$315.05	$474.20
Total Annual Premium		$2,717	$4,744		$3,781	$5,690

We can not sell individual health insurance policies anymore, but we are happy to answer questions and we are still able to service our existing clients.  Feel free to contact our office if you have questions or if we can help in any way.  Give us a call at (423) 292-4142.  We can still help with Group Health, Home, Business, Life, Auto, Work Comp, and anything else that ends in insurance.

Veritas Risk Management, Inc. offers proactive risk management services covering a wide variety of topics. Veritas Risk Management, Inc. does not engage in the practice of law, accounting, or tax consulting.  We encourage everyone to consult with his or her own professional advisor for details concerning his or her specific facts, situations, and circumstances.