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Vorys Health Care Advisors

More Premium Information for Health Insurance Marketplace Plans Released

Posted in Affordable Care Act, Health Care Reform

The federal government recently released a report detailing premium information for qualified health plans to be sold in those 36 states (including Ohio) in which the U. S. Department of Health and Human Services (HHS) will support or fully run the Health Insurance Marketplace in 2014.  Highlights of the report include the following:

  • Individuals will have an average of 53 qualified health plan choices in states where HHS will fully or partially run the Marketplace.
  • Premiums before tax credits will be more than 16% lower than projected.
  • After taking tax credits into account, 56% of uninsured Americans may qualify for health coverage in the Marketplace for less than $100 per person per month.

Following release of the report, a New York Times article reported the following:

  • For a benchmark plan — the second-lowest-cost “silver plan,” covering 70% of projected medical costs for a typical consumer — the average premium nationally will be $328 a month for individuals.
  • For a family of four with an annual income of $50,000, monthly premiums for the second-cheapest plan will vary widely, averaging $600 in Arizona, $800 in Georgia, $961 in Indiana, $1,069 in Mississippi, $859 in New Hampshire, $943 in New Jersey and $656 in Utah.
  • Taking tax credits into account, a family of four with income of $50,000 will generally be able to buy a silver-level plan for $282 a month, while a 27-year-old with income of $25,000 will be able to get such coverage for $145 a month.

Read the full report to learn more about premiums and the number of qualified health plans to be offered in these 36 states.  Open enrollment in these health plans begins Tuesday, October 1, 2013.