There are a few reasons why your plan price changed and why it went up or down.
- Health insurance companies are free to raise premiums every year. It’s possible after evaluating costs and expenses, a particular carrier simply chose to raise the prices of plans in a certain area.
- Your zip code changed. Health insurance premiums can differ from state to state and even from county to county based on a number of factors. Simply moving can have an impact on the price of plans in your area and/or the subsidy amount you receive from the government.
- Your income changed. If you plan to make more or less money in 2020, your subsidy amount from the government will change and affect the premium you will owe every month. Subsidies are based on a scale that can increase or decrease based on income and other factors.
- Your family size changed. If you added or removed someone from your health plan, it will affect the price depending on the change!
Remember, plan price changes are a normal part of the process!