While online enrollment for health insurance through the exchanges has been delayed until November, you can still apply via mail or in-person or by phone. With that said, we thought it is important for those planning to utilize the exchanges to have some expectation of the cost. Surely, there’s going to be some variances in premiums based on locations and other key factors, but there’s now a projection.
The average monthly premiums for Obamacare
The Obama administration recently released a statement indicating that Americans can expect to pay an average monthly premium for health insurance through the exchanges of $328 per month or $3,936 annually. This price may actually be lower for those with income of roughly 400% the national poverty rate as they likely qualify for the health care insurance subsidy. However, the annual premiums may still be greater than the health insurance tax penalty for not complying of the greater of $95 per adult or 1% of adjusted gross household income. Still, the Department of Health and Human Services has stated that nationally, the premiums are 16% lower than expected and most that are uninsured live in state with a lower than expected premium.
Where will the premiums be the lowest?
Americans seeking coverage through the exchanges can expect the lowest premiums in states with many insurers or eight or more competing for your business. The opposite is true for states with high average monthly premiums. The data suggests that you can expect higher premiums if your state has three or fewer insurers competing for your business. Texas is a great example of a state with many insurers competing for your business. Thus, the average premium is low or below $200 per month. Age, family size and city are key factors to consider here.
More Questions? Ask your health insurance premium questions or find a cpa online.
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