Obamacare insurance premiums drop slightly

Health insurance premiums are falling for many on the federal Obamacare exchanges.

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The Trump administration announced Tuesday that health care plan options have increased, while insurance premiums have decreased slightly under the Affordable Care Act. An additional 20 insurers will participate for 2020, expanding consumer choice in many states, officials said.

Nearly 70 percent of customers will have three or more insurers from which to pick a plan. About 10 million people are currently covered by Obamacare.

The premiums for a hypothetical 27-year-old choosing a standard plan will decline 4% on average in 2020 for states served by the federal HealthCare.gov website, the administration asserted.

Six states will see premiums decline by 10% or more, officials said. They are Delaware, Montana, Nebraska, North Dakota, Oklahoma and Utah.

Still life of a manual handbook for the Patient Protection and Affordable Care Act with a stethoscope and prescription medication bottle.

Three states — Indiana, Louisiana and New Jersey — will see premiums increase 10% or more.

"Until Congress gets around to replacing it, the president will do what he can to fix the problems created by this system for millions of Americans," Health and Human Services Secretary Alex Azar stated. "The president who was supposedly trying to sabotage this law has been better at running it than the guy who wrote it."

Experts believe that the reason for the downturn in insurance premiums is that subsidies have recently brought some stability to Obamacare's cost. However, they also give the Trump administation credit for their efforts with 12 states in signing off on waivers to reduce premiums.

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Per the president's promise to voters when he ran for office in 2016, the Trump administration is currently still trying to overturn Obamacare in a federal appeals court in New Orleans.

The Associated Press contributed to this report.

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