Americans will pay an average premium of $328 monthly for a mid-tier health insurance plan when the Obamacare health exchanges open for enrollment on October 1, and most will qualify for government subsidies to lower that price, according to a report released by the U.S. Department of Health and Human Services (HHS) on Tuesday, reuters.com reported.
The figure [$328] is based on data from approved insurance plans in 48 states and is the broadest national estimate for the cost of coverage when the new healthcare reform law takes full effect next year.
HHS said, the $328 figure is about 16 percent lower than expected, with the average individual on a middle-tier plan paying this amount a month before tax credits.
In Florida, a 27-year-old making $25,000 a year would, on average, pay a $218 monthly premium on the same health plan, the Miami Herald reported.
“Florida rates have actually come in quite well,” said Gary Cohen, director of the Center for Consumer Information and Insurance Oversight at the Centers for Medicare and Medicaid Services, and Obama’s top health official, HHS Secretary Kathleen Sebelius, the paper also reported.
“Consumers in Orlando will be able to choose from 98 qualified health plans, which will all cover individuals with pre-existing conditions and provide free preventive care,” said Congressman Alan Grayson in a statement. “With tax credits, a 27-year old who makes $25,000 per year will pay $102 per month for the lowest cost bronze plan, and a family of four with a $50,000 income would only pay $126 per month for the lowest cost bronze plan.”
Grayson added that under the Affordable Care Act, also known as Obamacare, premium tax credits will further bring down costs for Americans.
“Nearly 60 percent of the 41.3 million uninsured individuals may qualify for Medicaid, CHIP, or tax credits to purchase coverage for less than $100,” he said.
Florida has an estimated 3.8 million people without health insurance and will rank near the top of the nation in terms of the choices in health plans (average 102), to choose from when the online marketplaces open on October 1.
