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A Quick Look at 2018 ACA Health Insurance Rates in Nashville, TN

A Quick Look at 2018 ACA Health Insurance Rates in Nashville, TN

Posted Nov 06, 2017 by Jenifer Dorsey

Let’s Get Local: Tennessee

It’s time to buy health insurance. 2018 open enrollment for individual ACA plans is underway and lasts through Dec. 15, 2017. With the Trump administration in office, talk of repealing and replacing Obamacare, and decisions to end cost-sharing reduction subsidies, there has been a lot of healthcare news to follow this year.

However, change is something we’ve all come to expect with each open enrollment season, and this time is no different. In addition to a shorter enrollment period, consumers in many states will notice rate hikes and dwindling carrier options.

This article is the first in a series examining rates, affordable options and coverage alternatives in markets across the U.S.

Tennessee vs the nation 

How does the health insurance market in Tennessee compare with the rest of the country?

When it comes to plan premiums, it really depends on which metal level you select. Nationwide, the average price of a benchmark plan – the second-lowest-cost silver plan available in an area – increased 38 percent in 2018, and the average price of bronze plans increased 18 percent.[1]

In Nashville, benchmark plan premiums increased 39.5 percent and premiums for the lowest-cost bronze plan went up 10 percent.[2]

Nashville residents have a couple of carrier options, whereas more than half of all counties have a single health insurance company offering individual health insurance through the state’s exchange.[3]

Plan premiums, options

Here’s a brief overview of carrier and plan options as well as rate changes in Davidson County, and how they compare from 2017 to 2018. These rates are before any premium tax credits have been applied.

Tennessee Health Insurance Marketplace

 

2017

2018

Companies

2

2

Plans

11

10

Bronze

4

4

Silver

5

4

Gold

2

2

 

Rates for a 35-year-old living in 37201

 

2017 premium

2018 premium

Percent change

2017 deductible

2018 deductible

Percent change

Lowest-cost bronze

$305.63

$335.88

10%

$6,650

$7,350

10.5%

2nd lowest-cost silver

$400.79

$559.36

39.5%

$4,000

$3,000

-25%

 

Rates for a 45-year-old living in 37201

 

2017 premium

2018 premium

Percent change

2017 deductible

2018 deductible

Percent change

Lowest-cost bronze

$361.15

$396.90

10%

$6,650

$7,350

10.5%

2nd lowest-cost silver

$473.61

$660.97

39.5%

$4,000

$3,000

-25%

 

Think affordable

If you live in Tennessee and have concerns about rate increases, you may find value in shopping around and comparing plans rather than automatically renewing your existing coverage.

For starters, you may find you are eligible for a low-cost or no-cost bronze plan. [4] How so? Because premium tax credits are based on the second-lowest-cost silver plan in your area and bronze plan rates increased less than silver plan rates.[5]

Additionally, what the IRS considers to be unaffordable has changed. In 2018, if the lowest-priced ACA health insurance plan available to you costs more than 8.05 percent of your household income, it is considered unaffordable; in 2017, the threshold was 8.16 percent.[6] If you find yourself in this situation, you could be exempt from the individual mandate and tax penalty; in which case, you might consider alternative coverage options such as a hospital indemnity plan, short term medical insurance or both to help with unexpected medical expenses. 

Even with subsidies and exemptions, it can still be difficult and confusing to shop for and select the right health insurance plan. Don’t go it alone. A licensed producer can assist you in finding the right ACA plan as well as other affordable options.

 

Search for a local agent

Call the number at the top of your screen to speak with an advisor from HealtheDeals.com right now.

 

Up next: A closer look at health insurance affordability in 2018


Legal Disclaimers

[1] Ibid.

[2] Rates obtained by HealtheDeals.com, accessed November 1, 2017.

[3] Centers for Medicare & Medicaid Services. The Center for Consumer Information & Insurance. “2018 Projected Health Insurance Exchange Coverage Maps: Final Insurer Participation in Health Insurance Exchanges.” Oct. 20, 2017. https://www.cms.gov/CCIIO/Programs-and-Initiatives/Health-Insurance-Marketplaces/2018-Projected-Health-Insurance-Exchange-Coverage-Maps.html

[4] Andrews, Michelle. “Limited Outreach, Shorter Sign-Up Time May Cause Insurance Headache in 2018.” NPR. Oct. 24, 2017. http://www.npr.org/sections/health-shots/2017/10/24/559565543/limited-outreach-shorter-sign-up-time-may-cause-insurance-headaches-in-2018

[5] Ibid.

[6] EBIA Weekly Newsletter. “IRS Announces ACA Indexing Adjustments for Affordability and Premium Tax Credit Determinations for 2018.” Thomson Reuters. May 11, 2017. https://tax.thomsonreuters.com/checkpoint-ebia-newsletter/irs-announces-aca-indexing-adjustments-for-affordability-and-premium-tax-credit-determinations-for-2018/