Almost 6.5 million individuals in the 37 states using the HealthCare.gov platform will qualify for an average of $268 per person per month in advanced premium tax credits, according to a U.S. Department and Health Human Services report.
Among consumers who have signed up for 2015 coverage so far in the 37 HealthCare.gov states, 8 in 10 were able to find a plan with a premium of $100 or less after tax credits.
Based on actual plan choices and re-enrollments to date, 53% individuals selected or re-enrolled in a plan with a net premium of $100 or less after advance premium tax credit.
Similarly, 66% individuals could have selected a plan with a premium of $50 or less after the advance premium tax credit, but based on plan selections and re-enrolled to date, only 31% individuals actually selected or re-enrolled in plans with a net premium of $50 or less after the advance premium tax credit .
According to the report, on average premium tax credits reduced consumers’ monthly premiums by 72%.
The average monthly premium for 2015 dropped from $374 before tax credits to $105 after tax credits, among 6.5 million consumers in the 37 state using the HealthCare.gov platform who selected a plan with tax credits.
The HHS analysis includes plan selections from Nov. 15 through Jan.30. Sign ups between that date and the close Feb. 15 could change those figures, HHS noted.
The seven-page report also includes a state-by-state breakdown for each of the 37 states using HealthCare.gov to make ACA coverage available to their residents. The average percent reductions in premiums after the tax credit ranged from 55% in Arizona to 89% in Mississippi. The average monthly tax credit ranged from $534 in Alaska to $159 in Utah.
