Marketplace Premiums Drop for Key Demographic

October 24, 2019

On Oct. 22, the Centers for Medicare & Medicaid Services (CMS) released a report comparing 2020 marketplace premium rates and insurer participation across the country. Once again, Wisconsin compares favorably to other states and is experiencing positive developments in the exchange market.

The average cost of a “benchmark plan” for a Wisconsin 27-year-old will decrease 9% for 2020. Only six states will experience a larger decrease for this group.

Wisconsin is one of 15 states that will have more insurers participating in the exchange market in 2020, and one of 28 states that will have counties with more insurers.

As reported in last week’s Valued Voice, this is the latest in a series of positive advances for the individual insurance market in Wisconsin. The optimistic recent trends are often attributed to the bipartisan Wisconsin Healthcare Stability Plan (WIHSP), which created a reinsurance pool to cover a portion of high-cost claims and has helped to stabilize the individual market. WHA was a leading supporter behind the enactment of the WIHSP.

“The evidence keeps building that Wisconsin found an effective way to strengthen our state’s marketplace,” said Eric Borgerding, WHA president and CEO. “This latest report is exciting news in terms of keeping the market affordable for younger populations and attracting insurers to Wisconsin.”

Open enrollment starts Nov. 1. An interactive map of health insurers available by county can be found here.

For more information about this topic, contact WHA Vice President of Public Policy Lisa Ellinger.
 

This story originally appeared in the October 24, 2019 edition of WHA Newsletter