What would your health insurance premium cost under the ACA?

I found this nifty calculator (simple to use) to estimate what your health care premium would cost in 2014 when the ACA individual mandate kicks in.

http://healthreform.kff.org/SubsidyCalculator.aspx

Note that the premium would be for an individual policy at the silver level (70% coverage, or coinsurance). The ACA has 4 levels; bronze, silver, gold, and platinum where I think (as I recall) the coinsurance runs 60%, 70%, 80%, and 90%.

If you have a group policy through work, it wouldn't be a direct comparision, but still of interest. If you know how much your employer contributes, you could add that in to what you pay.

I could run specific examples, but in general I'd say those rates are high for a healthy person (no pre-existing conditions) making over 400% of the Federal Poverty Level compared to an individual policy that you can currently get. 2012 Federal Poverty Levels are here:

http://www.familiesusa.org/resources/tools-for-advocates/guides/federal-poverty-guidelines.html

But if you have pre-existing conditions and/or make much less than 400% of the FPL, you could save a lot on the premiums.

It's also interesting how quickly the subsidy (government tax credit) kicks in with income. I ran an example of a family of 4 with parents age 45. The ACA premium came to $14,245 annual (with a max out-of-pocket of $12,500 in addition to the $14,245). If they make $94,000 they would be at 401% of the FPL and get no subsidy. But if they make $90,000 (384% of FPL) they would get a $5,695 subsidy (out-of-pocket goes down to $8,333 as well) which is much more than the $4K difference in income.

Pine- that is a handy calculator, and actually I posted a link to it quite awhile ago during the debate over the law. My rate would be about 2x higher than what I currently pay for "insurance". Also note the 60-90% is not co-pay but average actuarial value of the plan. A government/insurance term that means basically nothing to the average loyal subject of the kingdom of the USSA. That's why they use the bronze/silver color codes etc, for us dummies that aren't as smart as our elite elected supreme rulers who decide what the mandatory IRS qualified benefits are, under threat of a penalty/fine/tax.

I'm guessing my days of just over $400 a month for myself will be a distant memory once this Obomination is fully implemented.

Yes I think that is correct Rick. Be aware that most new plans offered since Mar. 2010 are subject to all the new rules and mandatory benefits if you are thinking of making a change. My understanding is if I even change the deductible on my plan, I lose the "grandfather" status, so I am basically trapped in it for now. So much for "if you are happy with your plan you can keep it".

LOL wrote: Pine- that is a handy calculator, and actually I posted a link to it quite awhile ago during the debate over the law. My rate would be about 2x higher than what I currently pay for "insurance". Also note the 60-90% is not co-pay but average actuarial value of the plan. A government/insurance term that means basically nothing to the average loyal subject of the kingdom of the USSA. That's why they use the bronze/silver color codes etc, for us dummies that aren't as smart as our elite elected supreme rulers who decide what the mandatory IRS qualified benefits are, under threat of a penalty/fine/tax.

I either missed your earlier link, or forgot about it. I wish I had it earlier.

Unless I had a typo somewhere, I used the term coinsurance rather than copay. Coinsurance is the percentage of the bill you pay after the deductible (70% for the ACA calculator). From the descriptions I've seen, it appeared that's similar to the acturarial value. If it isn't, please let me know. A copay is just the $35 or whatever that you pay for a doctor visit and isn't very significant compared to the premium.

The ACA calculator only shows rates for a single person or family of four, so it doesn't apply to me. But just to do a comparision, I assumed I was single and plugged in the rest of my info. I did the same thing at Rocky Mountain Health and got a quote there (assumes no pre-existing conditions). For me, the price was much less then 1/2 of what the ACA calculator showed, though I didn't qualify for a subsidy.

I then assumed there was a pre-existing condition and got a quote at CoverColorado (high risk insurance). For 70% coinsurance, the quote was slightly less than the ACA quote. In both cases the max out-of-pocket was also slightly less.

I then lowered the income into the ACA calculator and at roughly $40K (350% of the FPL) or less the rates then started getting below and then well below the Rocky Mountain Rates. So the ACA certainly helps in the case of lower income since the big subsidies start to kick in.

Wasn't that exactly the intent of ACA...to make health insurance more affordable for lower income citizens, and available to those who have been denied insurance because of pre existing conditions?

archer wrote: Wasn't that exactly the intent of ACA...to make health insurance more affordable for lower income citizens, and available to those who have been denied insurance because of pre existing conditions?

Actually, the ultimate intent imo, is to get rid of health insurance completely and get us a mediocre system like Canada where everybody but the rich get to wait in line.

Pine- you are right, co-insurance is a different term, usually means the percent of the bill, like 80% insurance, 20% for you. Actuarial value is different, and I don't even want to try to explain it. (its a theoretical average)

I've used e-healthinurance dot com since 2002 for quotes and info (the private exchange that has been around for a decade)

Be aware that those quotes are misleading, they are best case and they will up-rate you during the underwriting. My guess is if they say $250/month you are going to pay more like $350-$400. Just a FYI... I also read some cos. offer teaser rates for the first year, and it catches up later. It all sucks really. Good luck.

I'm on Cover Colorado, I pay $826 a month with a 2k deductible and a 20% co pay.
I was turned down by 3 private insurance companies. I offered a rider on my pre existing condition and was told it wasn't worth their time to even try to figure that out.
I'm happy to have a Colorado version of Obamacare. i would of had to leave the state otherwise.
The calculator is not accurate for most people.

archer wrote: Wasn't that exactly the intent of ACA...to make health insurance more affordable for lower income citizens, and available to those who have been denied insurance because of pre existing conditions?

That certainly was a good part of the intent. My memory may be off, but I only recall claims that it would reduce the cost of health insurance and don't recall any mention that healthy people with middle class incomes ($46K or more if single) can pay 2X the premiums they paid before.

And if the ACA calculator is accurate, it's really crazy that you can cut your income and more than make up for it with the tax credits you'll get on your health insurance. Today was the first time I saw that one. If it applies, a person should ask their employer to pay them a bit less and make up for it with a longer vacation or something.