The media here in Texas is saying that for a family of 4, the cost will be just $11 per month.http://www.dallasnews.com/business/health-care/20130924-obamacare-premiums-projected-to-be-lower-than-expected.eceObamacare premiums projected to be lower than expected
No freaking way that is true.
Updated: 25 September 2013 10:23 AM
WASHINGTON — Beginning Oct. 1, Dallas-area consumers will have a choice of 43 private health plans priced lower than expected under the online federal exchange of the Affordable Care Act, officials announced Tuesday.
The details — which insurers are offering plans, for instance — won’t be available until the exchange opens. According to a brief report from the Obama administration about the premiums companies plan to charge, however, a Dallas-area family of four making $50,000 a year could pay as little as $26 a month for health insurance once federal tax credits are applied.
Congressional Republicans are trying to delay the insurance exchanges by halting funding for the Affordable Care Act. Sen. Ted Cruz, R-Texas, began an hours-long speech Tuesday afternoon on the Senate floor opposing the law.
Even if Congress fails to fund the government beyond Oct. 1, the administration is determined to make health insurance available to millions of uninsured Americans beginning Jan. 1.
“Many of the core parts of the health plan are operated under mandatory funding and wouldn’t be affected” by a shutdown, said Gary Cohen, director of the center for consumer information and insurance oversight with the federal Centers for Medicare & Medicaid Services.
Under the Affordable Care Act, those who can afford a plan but choose to remain uninsured will face a tax penalty that rises from 1 percent of income in 2014 to 2.5 percent in 2016.
“In just 99 days, millions of Americans will finally have the security and peace of mind that have eluded them for years as coverage begins,” said Secretary of Health Kathleen Sebelius.
People who get health insurance through work, with Medicare or Medicare Advantage or through Medicaid won’t be affected by the new health insurance exchange.
All of the plans offered in the federal exchange (and in 17 states that will operate their own) cover emergencies, hospitalization and surgeries, pregnancy, mental health, pharmaceuticals and rehabilitation services as well as vision and dental needs for children.
The U.S. Health and Human Services Department released a 15-page summary Tuesday afternoon of the plans to be available on the exchanges.
The average individual Texas policyholder regardless of age and income would face a $305 monthly premium for the benchmark plan covering 70 percent of medical costs. Individuals making up to $46,000 would be eligible for tax credits to offset that cost.
The Society of Actuaries took a detailed look at the cost of individual insurance and estimated the monthly premium for the average individual policy in Texas would go from $249 in 2013 to $333 in 2014 under the Affordable Care Act.
Cohen said estimates derived from the Congressional Budget Office’s look ahead to 2016 found premiums coming in 16 percent below projections.
For a 27-year-old making $25,000 a year in the Dallas-Fort Worth area, the benchmark plan will average $223 a month. With tax credits applied against that cost, the premium would fall to $145 a month, according to the report.
Participants would be able to choose from 43 qualified health plans. The costs are projected to be:
$153 a month for the lowest-price bronze plan.
$217 a month for the lowest-price silver plan.
$266 a month for the lowest-price gold plan.
$173 a month for the catastrophic plan.
A single 27-year-old in Dallas would pay $223 for the second-least-expensive silver plan; after the tax credit pegged to that plan, the cost would be $145 a month. Using the tax credit, the 27-year-old could buy a bronze plan for $74 a month.
A family of four with $50,000 income could buy the second-least-expensive silver plan for $808 a month. With the tax credit, that drops to $282 a month. The family could also apply the tax credit to buy a bronze plan for $26 a month.