Many of the Affordable Care Act (ACA) plans are expected to see premium spikes in 2017. Notably, the most popular silver plans are predicted to increase at a higher rate than previous years with up to an 18% increase in certain markets according to KFF. Several factors contribute to the increase including the withdrawal of UnitedHealth from most exchanges and the low enrollment of healthy, young adults to offset the risk pool. With the expected rise in monthly cost, many individuals have stated they would be willing to switch plans in order to avoid the increase in premium. By switching to a lower-cost plan, however, the deductible and maximum out-of-pocket expenses the insured person is responsible for will rise. Below are the average deductibles and maximum out-of-pocket expenses in 2016 by plan.

ACA Plan
Enrolled
Average Deductible (Individual)
Average Deductible (Family)
Average Max. Out of Pocket (Individual)
Average Max. Out of Pocket (Family)
Bronze
1,788,315
$5,731
$11,601
$6,639
$13,292
Silver
5,993,766
3,117
6,480
6,110
12,270
Gold
645,390
1,165
2,535
4,708
9,634

Sources: KFF and HealthPocket

The incentive for individuals to sign up for the lower-cost plans is the lower monthly premium to better fit in their budgets. The purpose that these plans are selected though directly indicates that the person has strained cashflow, meaning he/she is unlikely to be able to meet the higher deductible that accompanies the plan. So if the individual ever seeks medical care, he is going to need an option that does not require him to come up with the cash to meet his deductible. This trend is why providers are leveraging MyLoans Patient Account Financing to enable their patients to set up payment plans toward their deductibles rather than the stress of trying to come up with enough cash and, more often than not, falling short.

About MyLoans™
By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer patient financing for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead in exchange for servicing the loan. For more information, visit www.myloans.co.

About Epic River, LLC
Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application, enabling our partners to grow their market leadership. The company’s unique approach to the agile methodology and user experience ensures both parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit www.epicriver.com.