DAVENPORT, Iowa - Reports of rising plans have people wondering what the future holds for their insurance.
Many consumers are hearing of a 22% price hike and insurers leaving the marketplace. The 2017 enrollment hasn't started yet, but consumers already have a lot of questions.
For Insurance Navigator Jennifer Busch, her appointments at Genesis East in Davenport are booked solid for open enrollment.
“If they want to sign up we help them create and account and do an application. There is a tool where you can preview insurance plans and prices,” says Busch.
Some consumers are questioning health options after the reports of higher prices and less coverage.
“I do think the prices will be higher but the tax credits will go up so the cost to the consumer may not necessarily be higher or much higher,” added Busch.
Low income tax credits are only offered inside the market place and people who don't qualify, or those with private insurance could see a higher premium.
“I think Illinois will be the hardest hit by that because they now only have one insurer offering plans where Iowa has three,” says Busch.
Busch suggests returning customers to shop around and compare plans and new customers to look at coverage options.
“Bronze covers on average 60% of the care, silver 70% and gold 80%. If you are 250% below the federal poverty level you can get cost sharing reductions in a silver plan so that is where you'd get the most bang for your buck,” says Busch.
As for the price increase, Busch believes it factors out.
“It's really quite similar because the tax credit changed when the price changed,” says Busch.
Open enrollment starts Tuesday, November 1st and continues through January 31st. To have a plan and coverage by the New Year, you must enroll by December 15th. The fine for not being insured is up to $700 and will increase with each year.