Feds roll out cost details on health insurance

With the clock ticking to open enrollment next week for those who need to buy health insurance, the Obama Administration today released detailed figures on how much it will cost to buy insurance in the new Obama health law exchanges.

“Premiums before tax credits will be more than 16 percent lower than projected,” trumpeted a report from the Health and Human Services Department, which included mountains of data on how much it will cost to buy a Bronze, Silver or Gold insurance plan.

The plan also details the cost for the option of a “catastrophic” plan aimed at young adults, which would give them coverage for “prevention, some primary care, and high costs in cases of major accident or illness.”

One important reminder – this is for the exchanges, which are intended for those who do not have health insurance through their jobs, or need to buy it to comply with the new Obama health law.

The following figures do not apply to consumers who already get insurance through their jobs, the most common method of coverage for Americans.

The cost figures depend upon a variety of factors – how old you are, how much money you make, and whether you are single or have kids.

Here are some examples:

+ In Atlanta, Georgia, a 27 year old could pay as little $166 a month for the Bronze plan, up to $214 a month for the lowest Gold plan. A family of four that makes $50,000 a year could get the Silver plan for $744 each month.

+ In Orlando, Florida, a 27 year old could pay $182 a month for the Bronze plan, while the Gold plan could go for $238 at the low end. A family of four making $50,000 a year could get the Silver plan for $816 each month.

+ In Jacksonville, Florida, a 27 year old could pay as little as $137 a month for the Bronze plan, and as little as $202 a month for the Gold plan. A family of four making $50,000 a year could get the Silver plan for $760 each month.

Here is a list of the “average” weighted cost for each plan from HHS; again, this would change depending on your age, and where you live and how much income you earn each year.  Much more can be found on the HHS website at http://aspe.hhs.gov/health/reports/2013/MarketplacePremiums/ib_marketplace_premiums.cfm:

State Lowest Cost Silver Second Lowest Cost Silver Lowest Cost Bronze
Alabama $303 $318 $247
Alaska $474 $474 $385
Arizona $248 $252 $214
Arkansas $351 $366 $275
California $341 $373 $278
Colorado $305 $305 $232
Connecticut $397 $436 $340
Delaware $356 $360 $308
DC $293 $297 $204
Florida $304 $328 $257
Georgia $304 $317 $265
Idaho $276 $285 $227
Illinois $274 $286 $203
Indiana $392 $403 $304
Iowa $266 $287 $212
Kansas $260 $260 $197
Louisiana $356 $374 $265
Maine $388 $403 $328
Maryland $266 $299 $197
Michigan $271 $306 $222
Minnesota $192 $192 $144
Mississippi $403 $448 $342
Missouri $318 $334 $245
Montana $309 $316 $251
Nebraska $298 $312 $241
Nevada $295 $297 $227
New Hampshire $359 $360 $282
New Jersey $382 $385 $332
New Mexico $275 $282 $217
New York $319 $349 $276
North Carolina $361 $369 $282
North Dakota $350 $353 $281
Ohio $304 $321 $263
Oklahoma $256 $266 $174
Oregon $241 $250 $205
Pennsylvania $259 $286 $229
Rhode Island $341 $366 $264
South Carolina $333 $339 $267
South Dakota $341 $357 $298
Tennessee $235 $245 $181
Texas $287 $305 $211
Utah $239 $266 $201
Vermont $395 $413 $336
Virginia $323 $335 $237
Washington $350 $352 $264
West Virginia $331 $331 $280
Wisconsin $344 $361 $287
Wyoming $489 $516 $425
Weighted Average, 48 States $310 $328 $249