HSRI sees 32,704 signups for 2020

HEALTHSOURCE RI saw 32,704 individuals enroll in the state health care exchange for 2020. / COURTESY HEALTHSOURCE RI

EAST PROVIDENCE – Enrollment in the state’s health insurance market for 2020 totaled 32,704 individuals and families during the open enrollment period, an increase from 32,486 one year prior, HealthSource RI said on Thursday.

The average monthly cost of a health insurance plan on the market was $435.60 for 2020, a decline from $441.91 in 2019. 

Of those enrolled for 2020, 82% qualified for federal financial help via Advance Premium Tax Credits. Rhode Island customers qualified for a collective $8.2 million in federal credits.

Those receiving tax credits had an average monthly premium of $123.43, a slight increase from $121 one year prior.

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“Our efforts to keep health insurance affordable in Rhode Island are working,” Gov. Gina M. Raimondo said in a statement. “Thanks to our swift action to protect the Affordable Care Act, Rhode Island is reversing the trend of rising health insurance costs in 2020.”

HealthSource RI said that its benchmark Silver plan had the second-lowest cost in the country. The plan was the third-lowest-cost plan in 2019.

Open enrollment was from Nov. 1 to Dec. 31.

HSRI noted that small employers who purchase coverage through HealthSource RI for Employers may enroll in health insurance coverage throughout the year, at their regular renewal date.

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