For the first time, the Obama administration has released health insurance plan price estimates for three of the four “metal” levels — bronze, silver and gold — within the federally-run insurance exchanges that the Affordable Care Act will make available starting Oct. 1. According to the data, the national average cost for a 27-year-old man or woman (Obamacare makes it illegal to discriminate based on gender) for the lowest-level, or bronze, plan is $163 a month. For a family of four making $50,000, the national average of the bronze plan will be $95 a month after a tax credit is factored in.
All of the plans in the individual and small group markets will include what the government has declared as essential benefits. Bronze plans will cover 60 percent of the benefit costs of the plan. Silver plans cover 70 percent, gold 80 percent and platinum will cover 90 percent. Figures related to platinum coverage were not released. Those under 30 who can’t afford the bronze plans will also have the option to purchase catastrophic level insurance with high deductibles at lower rates than the bronze.
All plans are subject to an out-of-pocket annual limit. For 2014, the law limits those expenses to $6,350 for individuals and $12,700 for a family.
But costs will vary by location, and exact premiums will also depend on income and family size. Use our map to see the variation for the lowest average costs by state for different levels of ACA coverage to get an idea of where you may fit.
What You Need to Know About the Obamacare Marketplaces and find our extensive coverage of the Affordable Care Act on our Health page.