Cost of insurance under Obamacare likely to drop in 2016

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By: Associated Press

INDIANAPOLIS (AP) — Indiana consumers getting insurance through President Barack Obama’s health care law can expect to pay less this coming year.

Figures released by the federal government this week show that the cost of a benchmark plan is expected to drop by 12.6 percent in 2016.

The drop in Indiana comes as states across much of the U.S. are expected to see cost increases under the federal program — in some cases, by double digits.

Benchmark plans at HealthCare.gov shows a monthly premium range of $383 to $524 before tax credits, which averaged about $319 in Indiana 2015.

It pays to look at more than premium prices. In general, the lower the monthly premium, the more a consumer would pay out of pocket each time they receive care.