No 'rate shock' for Obamacare in California
Posted in the Minneapolis Forum
#1 May 26, 2013
Conservatives have been crowing this week over the big story out of California, the decision to stay out of California's health insurance exchange created under the Affordable Care Act. That would doom the system, they said, because the lack of competition would make rates unaffordable. They had to stop their crowing, though, when the other big story about Obamcare in California came out. The proposed rates for the California exchange were just released, and it turns out there's plenty of competition among the insurers who are in the exchange, and that they will make insurance affordable for most customers.
Based on the premiums that insurers have submitted for final regulatory approval, the majority of Californians buying coverage on the state's new insurance exchange will be paying less—in many cases, far less—than they would pay for equivalent coverage today. And while a minority will still end up writing bigger premium checks than they do now, even they won't be paying outrageous amounts.[...]
[Y]ou can get a sense of the prices by looking at what a 40-year-old single person would pay, on average, for the second cheapest “silver” plan on the new market. Such a plan, which would cover about 70 percent of a typical person’s medical expenses, would go for about $300 a month or around $3,600 a year. That compares favorably with what insurance costs today. The typical employer plan, for example, presently costs about $5,500 a year. Employer plans are generally more generous than the silver plans would be, so you’d expect them to be more expensive—but not by such a large margin.
Somebody with an income at 250 percent of the poverty line, or around $29,000 a year, would on average pay just $2400 a year in premiums for that same silver plan. Somebody with an income of 150 percent of the poverty line, or about $17,000 a year, would pay just around $700 a year. This person could also get a “bronze” policy, which comes with higher out-of-pocket expenses, for essentially no premiums at all.
About 2.6 million Californians are going to qualify for subsidies. Sarah Kliff compiled some handy graphics on what premiums could be (depending on individual circumstances, plan selection, and region) for a 21-year-old and for a 40-year-old. The top number is the amount the individual will be expected to pay and the bottom number, in green, is how much they are saving with the subsidy.
#2 May 26, 2013
Napoleonic Short Dyck,
Quite "Grand"iouse actually.
Thank God for Gallup or you could not be a "Trending Kinda Thinker"
"Pick a stock, "smurt" boi... LMAOROTFU~!"
#3 May 26, 2013
Average prices after government subsidies? Average prices that don't mention the higher prices healthy and young people will pay?
#5 May 27, 2013
You have reached a new high in idiocy.
Saint Paul, MN
#6 May 27, 2013
ObamaCare is all about insuring the "poor" (or those unwilling to work).
Who is paying for insuring the poor?
What are the rates doing for those working for a living?
#7 May 27, 2013
ObamaCare is all about preventative insuring for the "poor", funny YOU WANT DEATH PANELS, NOW ???
Pretty funny, no complaints about RawMoney Care, huh ?
#8 May 27, 2013
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