Though the government has touted the cost of health insurance coverage will be cheaper than the average cell phone plan, recently released numbers suggest that consumers will likely pay high out-of-pocket costs for their policy if it comes through the state-based exchanges.
According to advisory services company Avalere Health, for those who have the "silver" plan – which is more expensive than the "bronze" but cheaper than the "gold" – the average annual deductible is slated to be about $2,550, two times more than what deductibles typically cost under employee benefit offerings.
Avalere Health came to their conclusion by analyzing insurance plan data among 22 insurers operating in six states.
Caroline Pearson, vice president of the healthcare business strategy and public policy firm, noted that people who are insured through the exchanges will have to make some adjustments with how they pay for necessary expenses.
"Consumers will need to balance lower monthly premiums against the potential for unpredictable, expensive out-of-pocket costs in plans with higher deductibles," Pearson said. "Furthermore, there is a risk that patients could forego needed care when faced with high up-front deductibles."
Matt Eyles, executive vice president at Avalere Health, added that smart shopping will be especially crucial for consumers, encouraging individuals to look for benefit designs that use co-pays rather than coinsurance, which is more unpredictable.
With the government shutdown at midnight Oct. 1, the same day in which the exchanges are scheduled to open, there is some confusion about whether the marketplaces will be open for business. During a press briefing late in the day on Sept. 30, President Barack Obama guaranteed they would be.
"Those marketplaces are going to be open on Tuesday no matter what, even if there is a government shutdown," said Obama. "That's a done deal."
