White House Releases Premium Estimates for Health Care Exchanges - Local news, weather, sports Savannah | WSAV On Your Side

White House Releases Premium Estimates for Health Care Exchanges

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THE WHITE HOUSE -

New health insurance exchanges launch in all 50 states Tuesday, leading the White House to release snapshot profiles of estimated premiums Americans may find when shopping for individual and family policies.

Individual family circumstances and incomes will always vary, but health care insurance companies will no longer be able to price discriminate against people with pre-existing conditions. They also may no longer set caps on total health care spending.

Health care exchanges will list choices similar to e-commerce web sites like Expedia and Travelocity, ranking their plans in categories as bronze, silver, gold and platinum.

In Georgia, the average consumer will be able to choose from about 50 different plans in those four categories.

The average family of four will pay an $800/month premium for a silver plan. However, prices will changed based on your income eligibility for tax credits through the Affordable Care Act. If you are eligible, the tax credits will instantly reduce your premium.

For example, that same $800/month premium for a family of four drops to $282/month if the family's income is $50,000 annually.

The White House uses a 27-year-old individual to showcase premiums in the health care exchanges. In Georgia, they would pay an average $176/month premium for the lowest available bronze plan in the exchange.

If the same 27-year-old makes just $25,000/year annually, the tax credits from the Affordable Care Act will instantly reduce the premium to $103/month.

South Carolina, on the other hand, features - on average - less choices for consumers, but also lower prices for individuals.

If the same family of four lived in South Carolina, they would pay $809/month in premiums for their mid-range silver plan. With just $50,000 in income, tax credits instantly reduce that premium to $282/month.

The average 27-year-old individual would pay $176/month for the lowest available bronze plan and just $97 with tax credits if their income is $25,000 annually.

The Health Care Exchanges launch Tuesday for enrollment. Coverage would begin January 1st.

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