Average premium rates for health reform plans unveiled

By Posted : 09/26/2013

The Obama administration this week unveiled the average premium rates for private health insurance plans being sold on government-run exchanges in 36 states starting Oct. 1.

Let Insurance.com help you find affordable health insurance now.

Ninety-five percent of Americans in the federal exchange states will have two or more plans to choose from, with the average premium for all states being $328 a month, according to the report released by the U.S. Department of Health and Human Services (HHS).

The Congressional Budget Office originally projected the average price across regions would be $392.

News of the rates comes as the federal government prepares to open health exchanges, or marketplaces, where the uninsured can compare plans and purchase health insurance policies based on four tiers of pricing:

  • Bronze plans- The insurer pays 60 percent of the costs. You pay 40 percent.
  • Silver plans - The insurer pays 70 percent. You pay 30 percent.
  • Gold plans- The insurer pays 80 percent. You pay 20 percent.
  • Platinum plans- The insurer pays 90 percent. You pay 10 percent.

To date, 36 state exchanges will either be run by the federal government or with its assistance, while 14 states will operate their own. Consumers who qualify will receive help to offset costs in the form of tax credits.

Under the health reform law, most people without coverage are required to buy health insurance by 2014. Enrollment on the exchanges is open until March 31 and applications are accepted online, in person with the aid of a consultant, or "navigator," or by mail.

The HHS report, available at the HHS's planning and evaluation division website, outlines the following:

  • The average lowest cost for individual bronze, silver, gold and catastrophic coverage for a 27-year-old in each state with a federally facilitated exchange.
  • The starting price for each level of individual coverage in the biggest city in each state.
  • What a 27-year-old individual coverage buyer with an annual income of $25,000 and access to exchange tax credits would pay for the lowest-cost coverage out of pocket.
  • What a family of four with an annual income of $50,000 would pay out of pocket if it did have access to the tax credits or did not have access to the tax credits.
  • The average premium for states for the lowest cost silver and bronze plans.

Here are some average costs culled from the report:

NOTE: Premiums shown above are a weighted average of the lowest cost plans in each rating area within a state. Weights are derived from county-level population under the age of 65, projected by the Census Bureau. The average across all 36 states is based on the number of uninsured eligible for the Marketplaces.

*Source: U.S. Department of Health and Human Services

 

State

 

Average Number of QHPs[20]

27-Year-Old, Before Tax Credits

27-Year-Old with an Income of $25,000

Family of Four with an Income of $50,000[21]

Lowest Bronze

Lowest Silver

Lowest Gold

Lowest Catastrophic

Second Lowest Silver Before Tax Credit

Second Lowest Silver After Tax Credit

Lowest Bronze After Tax Credit

Second Lowest Silver Before Tax Credit

Second Lowest Silver After Tax Credit

Lowest Bronze After Tax Credit[22]

AK[23]

34

$254

$312

$401

$236

$312

$107

$48

$1,131

$205

$0

AL

7

$162

$200

$248

$138

$209

$145

$98

$757

$282

$112

AR

28

$181

$231

$263

$135

$241

$145

$85

$873

$282

$64

AZ

106

$141

$164

$187

$107

$166

$145

$120

$600

$282

$192

DE

19

$203

$234

$282

$137

$237

$145

$111

$859

$282

$158

FL

102

$169

$200

$229

$132

$218

$145

$96

$789

$282

$104

GA

50

$179

$208

$242

$142

$221

$145

$103

$800

$282

$132

IA

39

$139

$175

$203

$95

$189

$145

$96

$683

$282

$103

ID

42

$150

$182

$211

$134

$188

$145

$107

$680

$282

$144

IL

58

$134

$180

$210

$134

$188

$145

$90

$682

$282

$84

IN

34

$200

$258

$332

$168

$265

$145

$80

$961

$282

$46

KS

37

$130

$171

$192

$87

$171

$145

$104

$619

$282

$133

LA

40

$175

$235

$253

$142

$249

$145

$71

$902

$282

$15

ME

20

$216

$255

$336

$182

$265

$145

$96

$961

$282

$104

MI

43

$146

$178

$218

$118

$202

$145

$89

$731

$282

$80

MO

17

$162

$211

$242

$110

$220

$145

$87

$798

$282

$72

MS

22

$225

$265

$321

N/A

$295

$145

$75

$1,069

$282

$28

MT

26

$165

$204

$222

$149

$208

$145

$102

$753

$282

$126

NC

22

$186

$237

$283

$123

$243

$145

$88

$880

$282

$74

ND

24

$185

$230

$259

$142

$232

$145

$98

$841

$282

$111

NE

40

$159

$196

$232

$122

$206

$145

$98

$744

$282

$113

NH

12

$186

$236

$281

$157

$237

$145

$94

$859

$282

$96

NJ

29

$219

$253

$303

$186

$260

$145

$103

$943

$282

$131

NM

52

$143

$181

$204

$120

$186

$145

$102

$672

$282

$128

OH

46

$177

$200

$243

$131

$212

$145

$110

$768

$282

$156

OK

53

$114

$169

$203

$105

$175

$145

$84

$634

$282

$63

PA

56

$151

$170

$205

$125

$187

$145

$109

$675

$282

$152

SC

26

$176

$219

$259

$146

$223

$145

$97

$809

$282

$109

SD

32

$196

$225

$272

$169

$235

$145

$106

$852

$282

$141

TN

59

$119

$155

$205

N/A

$161

$145

$103

$584

$282

$128

TX

54

$139

$189

$225

$139

$201

$145

$83

$727

$282

$57

UT

82

$153

$183

$212

$116

$203

$145

$95

$656

$282

$122

VA

47

$156

$213

$253

$118

$221

$145

$80

$799

$282

$48

WI

97

$189

$227

$280

$150

$238

$145

$96

$861

$282

$106

WV

12

$185

$218

$266

$169

$218

$145

$112

$789

$282

$161

WY

16

$286

$324

$365

$259

$342

$145

$90

$1,237

$282

$81

Average,

36 States

53

$163

$203

$240

$129

$214

$145

$93

$774

$282

$95

Related Articles on Insurance.com

0 Responses to "Average premium rates for health reform plans unveiled"

No Comments

What do you think? You can add a helpful comment to this page by filling out the form below.
Just looking for a quote? Click here
 
 
 

Quote & Compare

Want to bundle home and auto insurance for potential discounts?

Thanks,
you're all set.

One of our newsletters
should arrive in your inbox
soon - keep an eye out for it!

Give your feedback