DC offers glimpse into health insurance prices through exchange

Health insurance plan

DC officials aim to provide more insight concerning health insurance exchange

Washington D.C. is currently working to establish its own health insurance exchange. Though the District is not actually a state, it is still required by federal law to host a health insurance exchange, through which consumers can find a wealth of affordable coverage options. Exact details concerning the D.C. exchange are somewhat scarce as officials tend to only over some vague insight to the program and how it is being formed. This week, D.C. officials have offered a first glimpse into how much consumers and small businesses can expect to pay for the coverage they find through the exchange.

Glimpse at prices could help some consumers prepare for the future

This glimpse into coverage costs is not unheard of in the U.S. when it comes to health insurance exchanges. As these exchanges near their open enrollment period, which is scheduled to begin on October 1 of this year, more information concerning the types of policies that can be found through the exchanges is coming to light. Cost has been a major point of interest for consumers and small businesses throughout the country. Exchanges are often billed as bastions for affordable coverage but there has been little to base this concept on apart from the provisions of the Affordable Care Act and the assurances of government officials.

Health insurancePrices dependent upon type of policy and medical status of consumer

According to the D.C. Department of Insurance, Securities, and Banking, the policies offered through the health insurance exchange can cost anywhere from $124 to $341 for consumers that are 27-years old or older. Those 40-years old can expect to see prices range from $166 to $457, while those above the age of 55 can see prices range from $295 to $813. These monthly premiums are based on a wide array of information, including the current medical condition of the potential policyholder. Those with pre-existing medical conditions or serious ailments are likely to pay more for their health insurance coverage than healthy individuals.

300 policies already submitted to DC exchange

The D.C. Department of Insurance, Securities, and Banking notes that some 300 insurance policies from several large insurers have already been submitted to the health insurance exchange. These policies must be approved by the agency before they can actually be sold through the exchange. Aetna, Kaiser Permanente, United HealthCare, and CareFirst are among the health insurance companies that have submitted policies to the exchange.

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