[Video] How to Determine Your Cost of Health Insurance Under Obamacare

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Obamacare Costs

Obamacare Costs

Today the federal government released some data on the cost of premiums under Obamacare. I spent several hours this morning looking at government websites in an effort to determine just how much health insurance will cost. It turned out to be so convoluted that I decided to put together a video to walk through the process.

Here’s the deal. Each state had a choice to either run its own health exchange or allow the federal government to run it. Thirty-six states opted to let the federal government handle the exchanges. The data the government released today deals with just these 36 states.

The data is limited. What you can get now is the lowest available premium in each of the 36 states for the 5 types of healh insurance plans available under Obamacare: Catastrophic, Bronze, Silver, Gold, and Platinum. In the case of Silver plans, you also get the cost of the second lowest plan available.

There is still a lot of data not yet available. For example, the data to compare the plans offered by the participating insurance companies is not yet available. This is important for several reasons, chief among them being that the lowest cost plan may not offer the coverage you want or include your doctor in its network. I expect this data to be available by October 1st.

Also, you’ve probably seen news stories that either claim that Obamacare premiums will be higher or lower than what we pay now. I’ve come to believe that the liberal media claims Obamacare will lower premiums while the conservative media claims the opposite. The truth is that the outcome will vary from person to person, state to state, and even city to city. Time will tell.

With that said, here’s the video:

Resources mentioned in the video:

Health Insurance Marketplace Premiums for 2014 Databook

State Specific Geographic Rating Areas

How does the health care law protect me?

One final note. In the video I mention that the Catastrophic plan is only available to a limited category of people. Basically you have to be under 30 with minimal income. You can get more details at healthcare.gov.

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Published or Updated: September 25, 2013
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. MARY C says:

    TO PRESIDENT OBAMB:

    I THOUGHT YOUR WERE GOING TO BE A REALLY GREAT PRESIDENT BUT TO THE CONTRARY YOU HAVE TURNED OUT TO BE THE WORST PRESIDENT EVER!!
    YOU HAVE COMMITTED A CRIME AGAINST POOR WORKING CLASS PEOPLE AND ESPECIALLY MINORITIES WITH YOUR OBAMA CARE FLUKE. YOU ARE BEING KICKED BACK MONIES FROM MEDICAL AND HEALTH PROFESSIONALS LIKE DOCTORS AND LARGE FACILITIES THAT WILL BENEFIT FROM THIS FLUKE. THEY WILL MAKE MONEY OFF OF THE PEOPLE WHETHER WE GET SERVICES OR NOT. YOU ARE THE WORST AND I AM SO DISAPPOINTED IN YOU AS A BLACK MAN AND THE FIRST BLACK PRESIDENT. YOU ARE AN EMBARASSMENT AND A TRICKSTER!!

    SINCERELY,
    MARY C
    INGLEWOOD, CALIFORNIA .. USA

  2. Ron Gorski says:

    I think the Affordable Care Act should never have been passed. How can an educated person like John Roberts say the Federal Government can do this to me???? Why am I being forced to pay almost double what I am paying now? Maybe John Roberts and Barry and Harry should drop their Federal Health coverage and apply for this unconstitutional health insurance. When will the People wake up and elect some intelligent people who will vote what the people who elected them want? If the Affordable Care Act is so good, then everyone should be in it. If not, then no one should be in it. Talk about Prejudice, I think the government and specifically the Democrats in power are very much so. They are forcing me and millions of others to purchase health insurance, but not themselves nor millions of others. Is there something wrong with this picture or am I looking at it wrong

    Ron Gorski

    • John Helliwell says:

      You are looking at it wrong. Just think of all the poor people that couldn’t afford health care that you are now going to pay for. What about them?

      • Rob Berger says:

        John, you touch on the pros and cons of the law. Some will benefit, some will pay. Interestingly, not all those who pay are “rich.” The young and healthy will pay more for individual health insurance now so that the older and less healthy can pay less. I suppose we could debate whether that’s good policy, but at this point it doesn’t much matter.

  3. linda taillon says:

    I’m one of the forgotten people. I only get $796.00 monthly from Social Security, I’m only 62 and don’t qualify for Medicare. I’m in a no Medcaid state, and all my social security goes to the room I rent, and I’m on a very little food stamp allotment.

    What do I do ?

    • Rob Berger says:

      Linda, thanks for your question. I suspect that you will qualify for subsidies under Obamacare until 65, when you can apply for Medicare.

  4. Deborah DiFrancescantonio says:

    I agree that if we have to have Obamacare , then everyone should have it. Including the President and everyone in Washinghton. I would like to ask the President that when he is out of office, if he will in fact have this insurance, or if he is going to have a different one or if in fact he will be paying for the insurance or will we the tax payers be paying not only for our his but everyone else in Washington. i am a 2 time cancer survivor and I am deathly afraid of what will happen to me if I have to stop my current health insurance, which by the way is affordable and very good and go to Obamacare. Also I heard and I certainly hope it’s not true that if you are over the age of 72 and you get cancer, you are not going to get treatment because you are too old! If that is the case, then shame on you president Obama. If your wife gets cancer at the age of 72 are you going to tell her that she is just too old to treat and let her die! i bet she will not only get treatment but she will get the best treatment out there. I am really sorry I voted for you.

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