CMS Allows Insurers Plan Flexibility to Lower Premiums

Health Insurance Flexibility

As part of the new stabilization ruling, the Centers for Medicare and Medicaid Services (CMS) have given insurers flexibility in terms of health insurance plan design. They’re not restricted to the metal tiers: bronze, silver, gold, platinum. Now, they can create different plans with lower premiums that are still considered qualified health plans (QHP). This is great news for consumers. For this next open enrollment period (OEP), there may be some new plans out there in addition to the existing metal plans. Specifics are not known. The new plan types may be titled specifically to differentiate them from the metal plans. Regardless, the plan flexibility will make health insurance premiums more affordable.

Since the new plans will be structured differently to make them cheaper, there may be gaps in coverage. With that said, individuals need to get some supplemental plans to cover those gaps. Additionally, supplemental plans will help cover out-of-pocket exposure. Already, deductibles are extremely high. And to make new qualified plans more affordable, the deductibles may be even higher. However, that’s not certain. As these changes are implemented, more updates will be forthcoming. What we can extrapolate from this is that the government is diligently working on our behalf to better the marketplace.

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This article was revised on 5/8/24.

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