This will let the residents of the state know what they can expect their premiums to be.
Vermont has just become the very first state in the country to share what its health insurance rates will be when they begin to use the online exchange in order to purchase their coverage to comply with the “individual mandate”.
This gives residents an idea of the rates they’ll pay starting in October when the marketplace opens.
The state has released its rate proposals. They aren’t yet set in stone, but at least they will provide a good indication of what expenses individuals and families will have to add to their budgets in order to make sure that they have the necessary medical coverage as per the Affordable Care Act.
The health insurance rates aren’t expected to have any influence over rates in other states.
Examples of the health insurance rates that will be seen in Vermont include: $45 per month for a family of four that has an annual income of $32,000. For a single person who earns $40,000 per year, the monthly payment will be $317.
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Although Vermont is the first to release the rates that will likely be charged through its health insurance exchange, it is unlikely that it will have any influence over the rates that are charged by other states in their own online marketplaces. According to Andy Hyman from the Robert Wood Johnson Foundation, it is expected that each state will be releasing their rates within this month or shortly afterward. They would not be waiting for the first state to release their numbers in order to produce their own.
Vermont is one of the states that has embraced the healthcare reforms from the very start, and it hopes to be able to bring things further. This state is working to establish what could be the first single payer health insurance system in the country. The plan is to have it fully implemented by 2017. Whether or not that will be achieved has yet to be seen, but the state has shown that it is currently on track.