Health insurance premiums will cost $10 or less each month next year for four out of five consumers shopping for health insurance on the Affordable Care Act (ACA) marketplaces, the Biden administration announced on Monday. The savings come from higher subsidies for most Americans that Congress passed last spring under the American Rescue Plan Act (ARPA).
On Monday, Nov. 1, open enrollment for ACA plans will give consumers the widest variety of health insurance options and the lowest prices ever, said Health and Human Services (HHS) Secretary Xavier Becerra. Also, HHS quadrupled the number of health insurance navigators available to guide consumers seeking information on how to sign up, and added an extra month to the open enrollment period, which ends on Jan. 15.
According to Becerra, health insurance costs are the lowest ever because the ARPA increased the subsidies for monthly premiums through Dec. 31, 2022. Technically, those increased funds are called enhanced premium tax credit subsidies, the Center for Health Insurance Reforms explained in a recent blog post about open enrollment.