More options for Tennesseans
Open enrollment is almost here, and after years of double-digit premium increases, prices seem to be stabilizing.
Beginning Nov. 1, Tennessee consumers will be able to sign up for individual health plans via Healthcare.gov, and some consumers might actually pay less next year than they did in 2018.
For the first time since the Affordable Care Act exchanges opened in 2014, BlueCross BlueShield of Tennessee has filed for a rate decrease, dropping premiums nearly 15 percent. Cigna also requested a rate decrease for 2019, with premiums set to fall nearly 13 percent.
However, not all consumers will see a price reduction. One carrier in Tennessee, Oscar Health, plans to increase premiums in 2019 by 7.2 percent, and consumers with other plans may receive less in subsidies and pay more in premiums.
What is driving these cost changes? To understand, let’s look briefly at how premiums are set.