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Obamacare premiums set to drop by 4% in 2020 as affordable healthcare options grow

Obama
(Image credit: Pete Souza via Wikimedia Commons)

Premiums for healthcare plans offered through the Affordable Healthcare Act (ACA) are set to drop by 4% in 2020.

As reported by The New York Times, patients in six of the 38 US states that have adopted the ACA will see prices fall by 10% or more next year, when 20 additional insurers are set to join the federal healthcare.gov exchange.

A total of 175 providers will be on offer as a result and the number of participating US states with only one Obamacare carrier will be down to just two – Delaware and Wyoming.

It also marks the second consecutive year prices for some of the best health insurance providers have fallen on the centralized marketplace.

Obamacare 2020 enrollment date is approaching

Perhaps ironically, the Trump administration is seeking to take credit for the drop in Obamacare prices, which sees an individual premium for the benchmark 'silver' plan costing an average $388 per month next year – or $1,520 per month for a family of four.

“The ACA simply doesn’t work and is still unaffordable for far too many. But until Congress gets around to replacing it, President Trump will do what he can to fix the problems created by this system for millions of Americans," said Alex M. Azar II, the secretary of health and human services, according to the NYT.

However, many experts credit the ACA price drop to the marketplace's natural maturation, with critics of the current government noting that the Oval Office is still supporting a court case seeking to overturn Obamacare on constitutional grounds.

Barring exceptional circumstances, open enrollment for 2020 Obamacare plans is set to start on November 1 and will close on December 15. 

You can learn more and apply at healthcare.gov.

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