Consumers who switched to an exchange-based plan from employee benefits may be wishing they hadn't done so, as a new report suggests copayments and coinsurance fees have increased since the Patient Protection and Affordable Care Act was signed into law.
Coinsurance fees and copayments rose 34 percent combined when compared to what these costs were prior to the ACA going into effect, according to analysis from health insurance information website HealthPocket. Additionally, among the various metal plans, bronze witnessed the highest average jump in prices at 58 percent, with the lowest being platinum at 15 percent.
Kev Coleman, head of research and data at the Sunnyvale, Calif.-based insurance information website, noted that consumers need to exercise added discretion when shopping for health plans, especially if it's through the health marketplaces.
"Consumers must shop health plans more carefully," said Coleman. "Copayments, deductible amounts, and limits on annual drug spending should not be ignored. Consumers can also discuss with their doctors whether there are alternative drugs that have lower costs but equivalent therapeutic results."
Some of the complaints consumers have had about the health exchanges is that the information presented is often confusing. According to analysis from nonprofit organization Consumers' Checkbook, the function and presentation of marketplace website have the potential to cause many consumers to spends thousands more than they should, compared to what they would be paying if the information presented was more easily comprehendible.
In December, during a press conference, Pres. Barack Obama admitted that he and health officials underestimated the difficulties people may run into when signing up for coverage. In an interview before the Super Bowl, he noted that these problems are being worked on and more people are signing up at HealthCare.gov as a result.
