Thursday, July 5, 2012

Your Insurance Premiums Under the Affordable Care Act In One Table

Insurance premiums under Obamacare (click for full-sized image)
The Vermont's HCR Agency (seriously, they made a whole new department just to handle Health Care Reform?) has published a very nice table showing how much a typical household earning less than 400% of the Federal Poverty Line can expect to pay for health insurance. It's unclear to me whether or not there is any sort of regional cost-of-living or cost-of-insurance adjustment to these figures. But it should give readers a good ballpark estimate of how much they might pay for insurance.

The basic story here is that households qualifying for subsidized insurance won't pay more than 9.5% of their income for insurance. In many cases, they'll be paying much less. Also, everyone will be getting something for their money, since all insurance plans sold on the exchange will have to offer 100% coverage of most preventative services. Past 400% of FPL, the subsidies disappear, but most people who earn that much money already have employer-sponsored insurance.


N in Seattle said...

How good would that "exchange" insurance be? High deductible? Lifetime cap? What's the co-pay percentage? Has the exchange negotiated favorable rates for the services?

Really, without a comprehensive listing of the policy's provisions, the price of the insurance really doesn't tell you very much.

Nick Beaudrot said...

The actuarial value of a silver plan is something like 70%. The Bronze plans (which are cheaper) are about 60%. They have life time caps, an annual OOP maximum, the exchanges are negotiating favorable rates. You can punch in a suburb of boston in the MA connector and choose a Silver or Gold plan (the MA plans have lower actuarial values) to get a feel for it.