Obamacare: How much will you pay for health insurance?by Denise Early on May. 30, 2013, under Health
How much a person will pay for health insurance will depend on the plan they choose (Platinum, Gold, Silver, or Bronze), their income, and the subsidy they get from Obamacare to pay part of their premium.
The predictors of doom and gloom have been saying premiums will be very high and might be too expensive for most people, even with the subsidy they will get from the government. Premiums are expected to be high because Obamacare requires individual and small group health insurance to be much better than it has been to date. Better coverage will cost more.
In Arizona, there is no information yet on what costs might be. Because Republicans in the Arizona legislature are against Obamacare, the federal government will be setting up the exchange and managing enrollments into health insurance plans in our state.
California has set up its own exchange, and companies are starting to announce their premiums. To everyone’s surprise, the announced premiums have been only slightly higher than current rates – and this is for much better coverage.
Covered California has a calculator that can be used to see what the premium and subsidy would be. The premium is based on the Silver plan, which will cover 70% of a person’s, or family’s medical costs. I put in the following information:
1) Husband and wife, both 35 years old, with two children, adjusted income $45,000. Their monthly premium (with the subsidy) would be $221 per month for a Silver plan. And because their income is less than 200% of the federal poverty level, they will also get help with their co-pays.
2) Woman (or man), 60 years old, adjusted income $45,000. Premium with subsidy would be $356 per month.
These premium numbers are “guesstimates” because the final rates are not available yet.
Here is the link to the calculator. The premium costs may actually be a bit high because they are based on assumptions made before companies announced their premiums. http://www.coveredca.com/calculating_the_cost.html