United States. Department of Health and Human Services. Office of the Assistant Secretary for Planning and Evaluation. Office of Health Policy, issuing body.
Publication:
Washington, D.C. : Office of the Assistant Secretary for Planning and Evaluation, Office of Health Policy, December 28, 2021
Standardized plans are a tool that can help consumers make plan choices and can also improve plan competition. These plans standardize actuarial value, maximum out-of-pocket, deductibles, and cost-sharing for a given metal level of coverage. Almost three quarters of HealthCare.gov consumers (72.9 percent) have more than 60 plan options to choose from, and the average number of plans is over 100--far higher than in previous years. Research suggests too many choices can lead to “choice overload,” making it hard for consumers to find plans that best fit their needs. Research evidence indicates that standardized plans make it easier for consumers to choose plans based on provider network, premiums, and quality, instead of cost-sharing differences within a metal level. For plan year 2022, nine states* require Marketplace issuers to offer plans with detailed standardized designs, and six of these states limit the number of non-standardized plans on their State-based Marketplaces. Two additional states require Marketplace issuers to offer plans with limits on deductibles. The introduction of standardized plans to HealthCare.gov starting in 2023, consistent with the President’s 2021 Executive Order on competition, may help consumers navigate their options, improve transparency, and increase plan competition.
Copyright:
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