Washington Healthplanfinder is urging customers who are renewing their Qualified Health Plan coverage this year to carefully review their expected tax credit amount in 2015. Most customers will see changes to their tax credit amounts based on 2015 rates for the second lowest cost “Silver” level health plans across the State, which are used to calculate tax credits under the Affordable Care Act.

Because health plan rates for the second lowest cost Silver plans are declining in most counties, the tax credit for 2015 will actually decrease for many enrollees who are renewing their coverage in 2015.  Qualified Health Plans have experienced a modest increase of approximately three percent since 2014, which is one of the lowest increases for health insurance premiums in decades.

“While this change is a sign that health care reform is working in Washington, customers should be aware of the potential impact to their costs this year,” said Richard Onizuka, CEO for the Washington Health Benefit Exchange. “Washington Healthplanfinder has created competition among insurance companies, which has lowered their monthly premium and tax credit amount.”

It is important that renewing customers take advantage of the open enrollment period to review their current health plan and choose the best option based on their needs and budget. This includes reviewing their current tax credit amount and current premium amount to understand how they may change in 2015.

Approximately 75 percent of those who enrolled in a Qualified Health Plan last year received a tax credit to help cover the cost of their monthly premium. More than 50 percent of customers who enrolled in a Qualified Health Plan enrolled in a Silver plan, which is the only plan level that offers eligible customers additional subsidies to lower out-of-pocket costs for co-pays and deductibles.

“Many enrollees will have access to lower cost plans through Washington Healthplanfinder this year,” said Onizuka. “If customers take the time to review their options, they may able to find lower premiums than what was available in 2014.”

Customers who need help enrolling or selecting a new health plan may contact a registeredWashington Healthplanfinder insurance broker, navigator at a local community organization, or the toll-free Customer Support Center. Insurance brokers and navigators can also be located by zip code through the Customer Support link on wahealthplanfinder.org.

The next open enrollment starts on Nov. 15, 2014 for coverage beginning in 2015.  Residents may sign up or renew their health plans on Nov. 15 by visiting www.wahealthplanfinder.org.