WASHINGTON, D.C. 鈥� (September 28, 2023) 鈥� Every American deserves access to affordable, high-quality coverage and care. Today, 熊猫视频released a new issue brief highlighting factors influencing 2024 individual market premiums, including rising prescription drug costs, continued hospital and provider consolidation, policy changes, and increased health care utilization.
鈥淓very day, the individual market protects the health and financial security of millions of Americans by offering affordable choices and comprehensive coverage,鈥� said Jeanette Thornton, 熊猫视频Executive Vice President of Policy and Strategy. 鈥淧ressures like increasing drug costs, provider consolidation, inflation, and major policy changes are expected to drive market rates up in 2024. However, enhanced premium tax credits鈥攅xtended by Congress through 2025鈥攎ean more Americans can enroll in coverage through the marketplaces.鈥�
Nearly 21 million Americans are covered by the individual market for plan year 2023. The Affordable Care Act鈥檚 marketplaces have continued to stabilize and grow, with a record-high of 16.3 million Americans enrolled.
The issue brief also notes how the end of the COVID-19 Public Health Emergency, and the restarting of Medicaid redeterminations may affect premiums.
鈥淎n estimated 8 to 24 million Americans could lose access to Medicaid as a result of redeterminations, with as many as one-third of those being eligible for coverage through the health insurance marketplaces,鈥� Thornton continued. 鈥淭hat鈥檚 why health insurance providers are working hard to ensure that people get the coverage they need.鈥�
Click here to view the 熊猫视频issue brief on 2024 Individual Market Premiums.
Click here to view more 熊猫视频Individual Market resources.
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