Key Premiums for Obamacare Plans Set to Rise in 2016

What's Hot

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

How a Mexican Tariff Will Boost the Cost of 6 Common PurchasesFamily

This Free Software Brings Old Laptops Back to LifeMore

How to Protect Yourself From the ‘Can You Hear Me?’ Phone ScamFamily

Report: Walmart to Begin Selling CarsCars

Where to Sell Your Stuff for Top DollarAround The House

Is Your TV Tracking You? Here’s How to Tell — and Prevent ItAround The House

11 Staging Tips to Help You Get Top Dollar When Selling Your HomeAround The House

21 Restaurants Offering Free Food Right NowSaving Money

20 Simple Hacks to Make Your Stuff Last LongerAround The House

4 Car Insurers That Might Raise Rates Even When the Accident Wasn’t Your FaultCars

How to Invest If Trump Kills the ‘Fiduciary Rule’Grow

12 Surprising Ways to Wreck Your Credit ScoreBorrow

9 Secret Ways to Use Toothpaste That Will Make You SmileAround The House

The 2 Types of Music That Most Improve Dog BehaviorFamily

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 1,781 more deals!