Consumers can now start to understand what they will be paying when the Affordable Care Act is implemented.
California has now released the price that consumers will be paying for a number of health insurance plans that will be offered through the state’s exchange as a result of the Affordable Care Act, which will go into full effect in 2014.
These newly released prices offer a glimpse of what the coverage will cost in the rest of the country.
Within the federal healthcare law overhaul, Americans who are not able to afford the health insurance coverage offered by their employers – or who cannot receive their coverage from their employers – must buy it through a state run exchange in order to receive this coverage at a group rate that has been negotiated by the regulators within the state.
There are a number of different factors that will determine the cost of a person’s health insurance in California.
In California, the price of health insurance will be based on income, age, and a number of other factors. Young adults with a low income, for example, will pay notably less than an older adult with a very high income. For instance, a Californian who is 40 years old could pay anywhere from $40 to $300 per month for mid-level coverage, depending on their annual income. At the same time, some younger adults may not need to pay anything at all, depending on how much they earn, as they are not as expensive to cover.
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Other than California, Vermont and Washington have also announced their health insurance prices. What has been discovered, so far, is that the amount that consumers will be paying is actually more affordable than the predictions had suggested. At the moment, consumer advocates have seemed pleased, overall, with the exchange in California and the prices that it will be using.
According to Health Access executive director, Anthony Wright, “It’s a revolutionary improvement to move from a broken market where people are charged by how sick they are, to a competitive market where people pay what they can afford, based on a percentage of their income, on a sliding scale.” The health insurance advocacy group’s head went on to say that “Most consumers buying coverage in the individual market will get financial help and see their premiums go down.”