The out-of-pocket monthly premium you see on your Pennie enrollment may be different this year compared to last year. That’s perfectly normal. The monthly premium you pay can increase or decrease from year to year depending on a variety factors like where you live, what metal tier your coverage is in, as well as the cost of the second-lowest cost silver plan (or benchmark plan) in your area. Every year, the value of your Advance Premium Tax Credit (APTC) changes based on the cost of the benchmark plan. When the cost of the benchmark plan increases, you may actually see an increase in the value of your APTC. When the cost of the benchmark plan decreases, you may see a decrease in the value of your APTC, depending on what plan you choose.
That’s why it’s important to shop around during Open Enrollment to understand the best coverage option available for you and your family for the coming year, even if you are able to stay enrolled in your current plan. When shopping for a plan, make sure to consider the monthly premium as well as other out-of-pocket costs like co-pays and deductibles to make sure you choose the plan that’s right for you. Taking that extra step can really pay off!
Pennie understands that shopping for insurance can get complicated and that choosing the right insurance for you and your family is not always easy. That’s why Pennie has brokers and assisters available in your area who are ready to help!