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If your health insurance plan is eligible, auto-renewal can be convenient. But if you’re thinking about sticking with the same coverage in 2016, you may want to think again. A recent study shows you could save money on health insurance premiums by shopping around—on the flip side, you could pay more if you don’t.
The Henry J. Kaiser Family Foundation analyzed how premiums for lowest cost silver plans offered through HealthCare.gov changed from 2015 to 2016 and found the following:
In the study, Kaiser notes that the lowest cost silver plan is the most popular plan sold through HealthCare.gov. You can read the full analysis here.
Additional benefits could help reduce healthcare costs
The money you save on 2016 premiums by switching plans, obtaining premium tax credits or both, could be used on supplemental insurance products to help you save on healthcare expenses your Obamacare plan won’t cover. Such products may include:
Be sure to think beyond your premium
Saving money can motivate many people to switch health insurance plans. However, there is more than monthly premium to consider when selecting coverage. When comparing and narrowing your options, be sure to pay attention to factors such as healthcare provider networks, prescription drug formularies, deductibles, and coinsurance and copayment amounts.
Not sure how to get started with the health insurance shopping process or in need of some pointers to make it less stressful? Read “How to Choose 2016 Health Benefits in 5 Streamlined Steps” and “4 Tips to Help Take the Seasonal Stress Out of Health Insurance Shopping.”
If you need assistance selecting an ACA-compliant plan or supplemental coverage, you can speak with an IHC representative who is also an Obamacare certified adviser by calling 888-839-7679.
 Cox, Cynthia, et al. “Potential Savings from Active Shopping for Marketplace Coverage in 2016.” The Henry J. Kaiser Family Foundation. Nov. 18, 2015. http://kff.org/health-costs/issue-brief/potential-savings-from-actively-shopping-for-marketplace-coverage-in-2016/