New Report: For 95% Of Americans, Obamacare Will Cost Much Less Than Expected
BY IGOR VOLSKY ON SEPTEMBER 25, 2013 AT 12:01 AM
When uninsured Americans begin enrolling in Obamacare’s new health care exchanges on Oct. 1, the overwhelming majority — 95 percent — will face health care premiums that are 16 percent lower, on average, than the government had previously projected, according to a new report released on Wednesday by the Obama administration.
In the 36 states where the federal government supports or fully runs the Health Insurance Marketplace, a 27-year old who does not qualify for tax credits will pay, on average, $163 for a plan that covers approximately 60 percent of health care expenses (a so-called bronze-level plan), while a 27-year-old with an income of $25,000 could pay $83 dollars per-month after subsidies. Individuals up to 30 years old will also have the option of buying cheaper catastrophic coverage outside of the marketplaces, though they will not qualify for subsidies. A family of four in Texas with an income of $50,000 would pay as little as “$57 per month for the lowest bronze plan after tax credits,” the report finds.
Premiums vary across the country, however. While states like Wyoming and Indiana will experience some of the highest premiums, Tennessee and Kansas will see lower costs. The uninsured in Florida and Texas — two states where Republican lawmakers have staunchly refused to implement the law — will see premiums “roughly in line or lower than health insurance costs in many other exchanges across the nation.” The national average for a midlevel policy is $328 a month before subsidies.