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Louisiana state uses federal-supported exchange. In doing this, residents utilize health insurance in registering for exchange plans. Registrations in Louisiana have fallen gradually. However, this was caused by the state’s late expansion of Medicaid, as registrations have continued growing.
Over half a million people were registered in Louisiana’s expanded Medicaid program by August 2020. This upsurge was good, but due to the COVID-19 pandemic, Medicaid registration skyrocketed across the country due to losing jobs and losing employer-sponsored health insurance covers.
To stabilize individual and market rates, Louisiana lawmakers considered legislation that would have implemented a reinsurance program with federal funding contingent on a waiver proposal’s approval. Several states have decided to go with this approach. However, the bill that would have allowed the state to fund the reinsurance program failed in its proceedings.
But Louisiana has made many different ACA consumer protections into state law. It is working to establish parameters for an invisible risk-sharing program that could be used to keep health insurance premiums affordable.
What is the Cost of Health Insurance in Louisiana?
Before high-end subsidies were affected, the average high-end cover in Louisiana’s exchange was $675/month. However, most Louisiana exchange clients received premium subsidies which offset the vast majority of the cost.
Premium subsidies in Louisiana grew significantly in 2018 because the federal government eliminated cost-sharing reduction (CSR) funding. The cost of CSR has now also been added to the silver plan rates. A decrease in subsidies in 2019 was brought about by average premiums, including average benchmark premiums which were lower in 2018 (the average subsidy amount was $525/month in 2018 and dropped to $497/month in 2019). Subsidies grew again in 2020, thus reaching a record-high average of $563/month.
When are the Open Registration for 2021 Health Insurance in Louisiana?
Open registration program for 2021 health plans will run from November 1 to December 15, 2021. Apart from that, both on-exchange and off-exchange will be necessary to enroll or change existing coverage.
How Health Insurance premiums will Change Louisiana?
In the year 2020, Louisiana is among the three states where average premiums increased by double-digit percentages.
Louisiana’s exchange market has many insurance companies offering different plans, i.e., two firms are members of the same company. Since 2015 (when UnitedHealthcare joined the exchange), this is the first time that Louisiana’s business had a new insurer enter the marketplace.
Exchange insurers have taken into effect the following average rate changes:
- Blue Cross Blue Shield of Louisiana (a Louisiana Health Service and Indemnity facilities) experienced a 10.7 percent addition, though its plan varies.
- HMO Louisiana (a secondary facility of Blue Cross Blue Shield of Louisiana): roughly a 12.3 percent increase, although it varies by plan.
- Vantage Health Plan: roughly a 5.5 percent increase, although it varies by plan (Vantage’s filing noted that they were planning to consolidate their plan offerings in 2020; they offered five bronze plans, 15 Silver plans, five gold plans, and two platinum plans in 2019, but in 2020 they have three bronze plans, three silver plans, and one premium plan).
- Christus Health Plans: Being fresh in Louisiana’s market, there is no applicable change in rate. At ACA registration, It was calculated to have an average rate increase of about 11.7 percent for Louisiana’s marketplace.
How Many People Enrolled in Louisiana’s Marketplace exchange?
By the end of the open registration period for 2020, 87,748 residents enrolled in the plans through Louisiana’s exchange. Registration in Louisiana’s marketplace exchange had dropped substantially since 2016. Increase in registration was brought about by the state’s Medicaid expansion. This action began being implemented in 2016. Finding the right plan for you does not have to be complex. Get affordableb5 insurance solutions by Just filling in the form with details of the health plan that you require and we shall help you get a quote that matches that information. Get in touch with Health insurance plans today!
Finding the right plan for you doesn’t have to be complicated. Get an affordable insurance solution for you in just a few clicks. Just fill in the form with details of the health plan you need and we’ll offer you a quote that matches those details.