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Lower Premiums, More Choices For Individual Health Coverage In 2022

posted by David Allen

on November 1, 2021

WASHINGTON, D.C. – (November 1, 2021) – With the 2022 Open Enrollment Period for individual market coverage starting today, AHIP is encouraging consumers to consider their coverage choices. Plan Year (PY) 2022 is the fourth year in a row that premiums have dropped as the average 2022 premium for the benchmark silver plan will decline by 3% a month compared to PY2021. In addition, 213 health insurance providers will participate in the federal exchange this year, a nearly 15% increase from last year. Increased participation means more choice for consumers—on average, Exchange enrollees will have a choice between six and seven qualified health plan (QHP) issuers when they shop for coverage this year.

“Over 12 million hardworking Americans buy coverage through the Affordable Care Act’s health insurance exchanges,” said Kelley Schultz, AHIP Executive Director of Commercial Policy.  “This year, they’re seeing lower premiums, more insurance provider participants, and more plan choices. That’s why health insurance providers are focused on educating the patients and communities they serve to help them navigate Open Enrollment and access high-quality, affordable coverage.”

AHIP has created a Consumer Checklist—tips for consumers to consider as they shop for health coverage in 2022:

  • December Decision Deadline

Consumers should enroll by December 15 to have coverage January 1 and avoid gaps in coverage. While open enrollment is longer—extending through January 15, 2022—coverage purchased after December 15 will not begin until February 1.

  • Take Advantage of Tax Credits

Consumers may qualify for more assistance to lower premiums—even if they have never qualified before.  Consumers can check Healthcare.gov or their state’s marketplace to find out if they qualify for tax credits which can lower their monthly premiums.

  • Consider Total Cost of Care

When comparing coverage choices, consumers should think about health care services or prescription drugs they will need throughout the year and consider other out-of-pocket-costs to get a better sense of total cost of care.

  • New Options May Be Available

More health insurance providers and new plans could lead to more choices, lower costs, more benefits, and better value. Consumers should be sure to shop and compare for coverage that best meets their needs.

Visit healthcare.gov for more information, to review information, and to enroll.

Click here to download AHIP’s 2022 Open Enrollment Period Consumer Checklist.

About AHIP

AHIP is the national association whose members provide health care coverage, services, and solutions to hundreds of millions of Americans every day. We are committed to market-based solutions and public-private partnerships that make health care better and coverage more affordable and accessible for everyone. Visit www.ahip.org to learn how working together, we are Guiding Greater Health.