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, though. 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. Only time will tell.
With that said, here’s the video:
Resources mentioned in the video:
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.
Be sure to sign up for my free weekly newsletter, which will include Obamacare updates.Topics: Insurance