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Health Insurance Prices Under Obamacare

By May 24, 2013June 8th, 2020Insurance

Insurance prices for California’s health plans under the Affordable Care Act were unveiled on Thursday. It gives consumers a glimpse of what they will pay for a selection of health plans offered through the state and a look into how health care reform may look as it is rolled out across the nation.

Under the federal health care reform law, Californians who do not get or cannot afford health insurance through their jobs can buy coverage through an exchange, at a group rate negotiated by state regulators.

The cost varies based upon several factors such as a person’s income.

The sweeping federal reform law known as Obamacare seeks to extend health insurance to many of the 49 million Americans without it, and alter how care is delivered so as to curb what has been an inexorable rise in healthcare spending.

Many consumers are concerned that this is another entitlement based upon income rather than age, health and other factors and whether the program will fail. For example a plan for a 40 year old who makes less than four times the federal poverty level ($46,000 for an individual and $95,000 for a family of 4) would pay as little as $40 per month for a mid level plan ( Note this excludes cost to cover children and or a spouse). The same plan for a person who makes too much to qulify for a subisdy would run about $300 per month on average.  Business owners are concerned as they may be forced to increase prices to cover the costs they incur.

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