Now that the Affordable Care Act (ACA) has been in full swing for a year, the biggest question is how will the premium costs compare to last year? A recent Kaiser Family Foundation (KFF) analysis helps answer that question. The answer? It depends a lot on what part of the country you live in.
Nationwide, health insurance premiums offered through the Health Insurance Marketplaces increased +2% for a Silver plan and +4% for a Bronze plan. Live in Summit County, Colorado? You may see decreases in premium costs up to 45%. Live in Alaska? You may see premium increases up to 28%. Here's a look at the analysis.
Image Source: KFF
Health Insurance Marketplace Costs - Comparing 2014 to 2015
As a consumer, the changes in marketplace costs really depend on where you live. For example, in 2014, if you purchased a silver plan, were 40 years old, non-smoking, lived in Birmingham Alabama, and made $30,000 a year, you would have paid $258/month before tax credits were applied. With tax credits you would have paid $209/month. In comparison to 2015, you would now pay $264/month ($6/month increase) before tax credits and $208/month ($1/month decrease) after they were applied (see chart below).
For a bronze plan, prices are significantly lower as the coverage level is also lower. If you were living under the same circumstances as the individual previously mentioned in 2014, you would have paid $208/month before tax credits and $160/month after. For 2015, the prices have slightly increased. You would pay $218/month ($10/month increase) before premium tax credits are applied and $162/month after ($2/month decrease).
Remember: These are only examples of one state and one major city. The full list can be found at KFF’s website.
Silver Plan
Image Source: KFF
Bronze Plan
Image Source: KFF
What do you think about the changes to the Health Insurance Marketplace costs? Comment below and join the discussion.
