Individual Exchanges Are Likely To Remain Stable in 2020
Individual marketplaces under the Affordable Care Act (ACA) have seen premiums stabilize, according to an analysis of 2020 open enrollment data performed by McKinsey & Co Inc. Health exchange experts tell AIS Health that increased payer participation and market maturity are responsible for the increased consistency in prices.
Notable insights from the report include:
✦ The number of counties with a single carrier on exchanges dropped 11% year over year to 25% in 2020.
✦ Approximately 9% of consumers could choose only one carrier in 2020, down from 16% in 2019.
✦ This year, 66% of consumers were able to choose between at least three carriers.
✦ Average premium prices went down by 1% year over year for all plan tiers except platinum, which increased by 3%.