Subsidies Soften Obamacare Premium Increases In Florida

Oct 31, 2016

Open enrollment in the Affordable Care Act Marketplaces begins Tuesday and the state says the average premium increase in Florida is 19 percent.

But the news is not be as bad as it sounds for most consumers.

More than 90 percent of Floridians who enroll in the marketplace receive government subsidies to cover monthly premiums. Kevin Griffis is a spokesman for the Department of Health and Human Services. He says the amount many will receive may offset the premium increases or even result in lower monthly costs.

"We really are encouraging people to come back and take a look at their options," Griffis said. "We think that because of how the tax credits are structured it will help offset the premium increases and in many cases lead to savings for many people."

An analysis by the state of Florida found that in one plan a family of four earning $53,000 a year would see their monthly premiums decrease in more than half of the state’s 67 counties.

The same is true for individuals. For example, in one plan a single person living in Hillsborough County who earns $27,000 a year would see their monthly premiums decrease by $6 to $203 next year, an analysis by the state's Office of Insurance Regulation found.

Those who were already enrolled in the marketplace should be aware that their plans may have changed or no longer be offered.