There is a lot of confusion and misinformation about how
much it will cost eligible people to purchase health insurance in the Obamacare
Exchanges. There shouldn’t be. Obamacare sets a maximum you can be charged for various levels of coverage and
provides subsidies to make up the difference.
The Kaiser Family Foundation has provided an easy-to-use Subsidy Calculator
that will show you the maximum you would pay given your income, etc. for
different levels of coverage. I ran some
different scenarios through the calculator.
NOTE: The figures in the table
below are MAXIMUM amounts you would pay.
Most people in most states are likely to pay less.
The chart below shows the maximum monthly premium for a family
of 4—2 adults who do not use tobacco products and 2 children under 21—after subsidies for various family
incomes for two levels of coverage—the Bronze Plan which covers 60% of medical
costs (you pay 40%) and the Silver Plan that covers 70% of medical costs (you
pay 30%). For example, if your family
income is $35,000 per year or less, the Bronze Plan after subsidies will not
cost you anything. It will be FREE. You’ll will be able to purchase the Silver
Plan for $114 per month or less. If your
family income is $51,017 (the medium family income in 2013), then a Bronze Plan
will cost you $151.83 per month and the Silver will cost you $192.58 per month
after subsidies.
NOTE: As I said, these are maximum monthly premiums you can be charged. Your actual premium might be less depending
upon the state you live in, how many people enroll in the exchanges, the ages
of your family members, and how many insurance companies decide to sell
insurance on the exchanges. It cannot be more. Also, if your
family income is less than $32,430 per year , you may be eligible for Medicaid
if your state has decided to expand Medicaid coverage. If your state has decided not to expand
Medicaid and you can’t get insurance through your employer, you can purchase
insurance on the exchange but you will not get a subsidy—you will pay the full
premium. If you are under 30, you will be able to purchase a cheap catastrophic plan, but you will have to pay the full premium.
For comparison purposes note that the average worker whose
employer offered health insurance paid $4,565 per year ($380.08 per month) for
family coverage or about 28% of the total premium cost of $16,351 year
($1,362.58 per month). Out-of-pocket
costs for a family enrolled in one of the Temporary Pre-Existing Condition
Plans set up by Obamacare to provide coverage for people with pre-existing
conditions who had been without coverage for six months could range as high as $11,900 per year ($991.67 per month.)
ANNUAL INCOME
|
MAXIMUM MONTHLY PREMIUM BRONZE
PLAN
(Covers 60% of medical costs)
|
MAXIMUM MONTHLY PREMIUM SILVER
PLAN
(Covers 70% of medical cost)
|
$32,430
|
$0.00
|
$88.58
|
$35,000
|
$0.00
|
$114.42
|
$40,000
|
$23.00
|
$163.75
|
$45,000
|
$80.08
|
$220.83
|
$50,000
|
$139.67
|
$280.42
|
$51,017
|
$151.83
|
$192.58
|
$55,000
|
$201.75
|
$342.58
|
$60,000
|
$268.67
|
$409.42
|
$65,000
|
$336.08
|
$476.92
|
$70,000
|
$408.75
|
$549.50
|
$75,000
|
$453.00
|
$593.75
|
$80,000
|
$492.58
|
$633.33
|
$85,000
|
$532.17
|
$672.92
|
$90,000
|
$571.75
|
$712.50
|
$94,200
|
$605.00
|
$745.75
|
You can get further information about Obamacare costs at
these links:
Calculated using the Kaiser Foundation Susidy Calculator
located here: http://kff.org/interactive/subsidy-calculator/
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/06/finally-the-actual-prices-for-insurance-under-obamacare/
Kaiser 2013 Health Benefits Survey covers cost and coverage in employer-based plans.
http://kff.org/private-insurance/report/2013-employer-health-benefits/
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