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%.