Filed Under:Markets, Employee Benefits

Administration says subsidies cut premiums by 76 percent

Many holders of silver plan coverage are paying less than $50 per month.
Many holders of silver plan coverage are paying less than $50 per month.

The Patient Protection and Affordable Care Act (PPACA) tax credit subsidy has cut the amount exchange plan enrollees pay for monthly premiums to less than $100 for about 70 percent of the enrollees, the administration said Wednesday. The U.S. Department of Health and Human Services (HHS) found that the tax credits reduced the average amount "qualified health plan" (QHP) enrollees actually pay to $82 per month, across all plan types.

The full cost of the coverage averages $346 per month. The tax credits reduce the amount paid by 76 percent.

Originally published on BenefitsPro. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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