Obamacare premiums up; subsidies will help

(CNN) – After four years in a row of premium declines, Affordable Care Act health insurance policies will be more costly in 2023.

The average monthly premium for the benchmark silver plan will go up by 4 percent in the 33 states participating in the federal exchange.

That’s compared to this year’s drop of 3 percent.

Despite the bump for 2023, most enrollees won’t feel the increase thanks to enhanced federal subsidies that congressional Democrats were able to extend.

Consumers will be able to start comparing ACA plans Wednesday. Open enrollment launches Nov. 1 and runs through Jan. 15.

The increase in Obamacare premiums for next year mirrors the trend in employer-sponsored coverage.

Experts say most workers can expect to see premiums and out-of-pocket costs increase at a faster rate than in recent years due to inflation.

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