Key Premiums for Obamacare Plans Set to Rise in 2016

What's Hot

How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

Study: People Who Curse Are More HonestFamily

8 Creative Ways to Clear ClutterAround The House

15 Things You Should Always Buy at a Dollar StoreMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

5 Reasons to Shop for a Home in DecemberFamily

This Free Software Brings Old Laptops Back to LifeMore

Should You Donate to Wreaths Across America? A Lesson in Charitable GivingAround The House

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

10 Free Things That Used to Cost MoneyAround The House

7 New Year’s Resolutions to Make With Your KidsFamily

10 Simple Money Moves to Make Before the New YearFamily

The 3 Golden Rules of Lending to Friends and FamilyBorrow

The cost of Obamacare's benchmark silver plans will rise in 2016. But the news is not all bad.

Obamacare open enrollment starts next week, and for nearly 8 in 10 people who will re-enroll in their health insurance plans through the federal marketplace, monthly premiums are expected to cost less than $100 after the tax credits offered to eligible consumers.

That’s among the statistics released this week by the U.S. Department of Health and Human Services, the federal agency that oversees the federal online marketplace,

The statistic making more headlines, however, is that across all 37 states in which the federal government marketplace operates, the cost of benchmark silver plans will increase by an average of 7.5 percent next year.

Plan increases vary by region and state, though. Silver plan increases are as great as 35.7 percent in Oklahoma, and are also greater than 25 percent in Alaska, Montana and New Mexico.

Four states will see plan premiums decreases of as much as 12.6 percent in Indiana. Maine, Mississippi and Ohio are the other states that will see decreases.

Silver plans are the second-cheapest type offered in a consumer’s area (with the others being bronze, gold and platinum). Silver is often referred to as the “benchmark plan” because it’s used by the Internal Revenue Service to calculate the tax credits offered to offset premiums for some consumers, according to the U.S. Department of Health.

These tax credits, also referred to as subsidies, are available to individuals and families with incomes between 100 percent and 400 percent of the federal poverty line who purchase insurance coverage via the online marketplaces, or exchanges.

According to Kaiser Health News, individuals with incomes in that range are those who earn $11,770 to $47,080. People with lower incomes are eligible for bigger credits.

Open enrollment for 2016 starts Nov. 1.

To learn more, check out “Obamacare Open Enrollment Is Coming: 5 Things You Need to Know.”

Will a change in your health insurance premiums affect your budget next year? Sound off in our Forums. It’s the place where you can speak your mind, explore topics in-depth, and post questions and get answers.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 10 Tips to Maximize Your High-Deductible Health Plan

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,883 more deals!