Important information regarding 2018 plan rates and subsidies
On October 13, 2017, the Trump administration stopped all cost-sharing reduction payments to health insurance companies who sell individual and family and small group plans on the federal exchange, located at HealthCare.gov.
- If you currently have a 2017 Providence Individual and Family Plan, there are no changes to your rate or benefit through Dec. 31, 2017.
- The Oregon Department of Consumer and Business Services (DCBS) has ordered health insurance companies offering plans on HealthCare.gov to increase their previously approved silver metal tier 2018 plan rates. This affects people who buy silver-tier plans both on and off the Marketplace. You can find more information on the DCBS website.
- Providence is notifying all affected subscribers of their revised 2018 rates.
Frequently asked questions
What are the Tax Credits and how do they work?
There are two types of subsidies available to people who purchase health insurance through the Marketplace. Cost Sharing Reductions, or CSRs, helps consumers by lowering their out of pocket costs. Advance Premium Tax Credits (APTC) assist consumers by lowering their premium. You can find further information about CSRs here and APTCs here.
Will I still get Tax Credits to help pay my premium?
Yes. The Advance Premium Tax Credit subsidies, for those who qualify, will continue through 2018, and you may see them increase.
Why are these changes happening?
Due to the loss of CSRs, these rate increases are necessary to ensure the stability of the health insurance market.
I bought insurance through the Marketplace, but I’m not on a Silver-tier plan – will I be affected?
If you do not receive APTC, then you will not be affected. If you receive APTC, the amount of your assistance may increase in 2018.
I have a silver plan but do not qualify for Tax Credits – what are my options?
If you do not qualify for premium assistance through HealthCare.gov we encourage you to work with an insurance producer to shop around and consider a non-silver level plan that might work for your situation.
When can I make changes to my health insurance plan?
Open enrollment for 2018 plans begins Nov. 1 and runs through Dec. 15, 2017.
Does this affect my group, Medicare, or Oregon Health Plan coverage?
No. This only affects coverage for plans sold on the Individual health insurance market, either directly by the health insurer or through the HealthCare.gov Marketplace.