5 clarifications for misunderstandings Americans have about ACA premiums

Practice Management

The Wall Street Journal reported on the biggest misconceptions Americans have about rising premiums, based on a report from the Kaiser Family Foundation.

The report found most Americans are aware of rising premiums but don't know which plans are affected:

 

• 52 percent think all insurance plans are affected
• 16 percent think just employer plans are affected
• 10 percent think just ACA marketplace plans are affected

 

Nearly one-third have read a lot about the rising costs of health insurance premiums while another third have heard "some" about them. Only 16 percent knew nothing at all about the rising health insurance premiums.

 

The study's author outlined the biggest misconceptions about premium increases:

 

1. Many Americans with insurance from employers think the large premium increases apply to them when in many cases they do not.

 

2. Americans read about the premium increases and come to the conclusion that other criticisms of the ACA are true, but they don't realize the larger increases are outliers.

 

3. People in the marketplace often don't pay the premium increases, as 85 percent of the affected beneficiaries receive government-funded premium subsidies.

 

4. The report noted Medicare and Medicaid patients are unaffected by the premium increases.

 

5. While premiums have increased for employer-sponsored plans, they are rising at "historically moderate levels," according to the report.

 

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