Health insurance costs rising under Affordable Care Act

Posted at 5:23 PM, Oct 25, 2016
and last updated 2016-10-25 17:23:08-04

CINCINNATI -- Health insurance costs are about to go up for many under the Affordable Care Act.

The costs of a benchmark plan under Obamacare are going up by an average 22 percent nationwide, according to the Federal Office of Health Policy.

Things aren't as bad in Ohio and Indiana. Each state is different when it comes to costs, depending on how many companies are competing over plans. Prices are only going up by 2 percent in Ohio, and are actually going down 3 percent in Indiana.

In Kentucky, there is not a percentage increase or decrease because, until this year, it ran its own exchange. But when you look at the cost for a benchmark plan, it is higher than Indiana and Ohio.

Kentucky comes in a $259 a month. Indiana is at $229 and Ohio is at $226. That $30 a month adds up to more than $300 a year.

All the numbers are before factoring in tax credits, which most who buy through the federal exchanges get.

Because the benchmark plans are going up, the tax credits will also go up, so many won't actually pay more money.

Open enrollment starts next week for plans on the federal insurance exchanges.