IID releases expanded sample rate information for plans on the marketplace
Rates by three specific ages for participating plans in each rating regions illustrate differences
SEPTEMBER 20, 2013, DES MOINES, IOWA– The Iowa Insurance Division today released new comparative data information ahead of the Affordable Care Act’s federal marketplace rollout on Oct. 1, and is designed to demonstrate the nature and scope of choices that will be newly available, alongside traditional health plans.
Sample information was compiled under a scenario three age-specific applicants will see when they access their information through www.healthcare.gov. All of this information is sorted as it would apply to a 21-year-old, a 45-year-old and a 62-year-old.
For this illustration, the Division assembled a spreadsheet that shows the four carriers selling individual plans on the marketplace, sorted by rating area, for the silver level plans they sell on and off the exchange, and the monthly rate for each of these coverage plans. In some areas, there are only two companies offering plans, in others there are three.
Using the online tool to find a specific rating area will allow applicants to find their local plan and rate offerings, which can differ widely. For instance, in rating area 2, the insurance options of just two statewide plans are listed, while in rating area 6, an additional carrier is in the marketplace. For each rating area, a variety of choices exist according to a number of characteristics, including variations in deductibles.
The federal marketplace site will be fully operational on October 1. At that time, pre-sorted plan choices and prices will be provided instantly as applicants fill in their information on the marketplace site. This will allow consumers to view easy comparisons, including information about higher-value or lower-value plans.