The Health Insurance Marketplaces open for annual enrollment on November 15th, and one of the biggest questions is: "How much do ObamaCare plans cost in 2015?"
Consumers, employees, and small business owners can now preview the plans available on HealthCare.gov, and prepare to enroll in coverage for 2015.
How Much Do ObamaCare Plans Cost in 2015?
The cost of health insurance through ObamaCare's Health Insurance Marketplaces will depend on a few factors:
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Your location (state and region)
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Your age
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Your tobacco use
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The type of plan and coverage you select
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Your household income, to calculate eligibility for a premium tax credit or eligibility in Medicaid or CHIP
In 2014, the average Marketplace health plan cost $82/month (after taking into account the discounts via the premium tax credits).
ObamaCare Plans - Sample Costs for 2015
Below are sample rates for a single adult, using HealthCare.gov's estimator tool.
| Age | 2015 Income | State | Carrier | Coverage Level | Deductible | Monthly Premium You'll Pay | Monthly Discount (Tax Credit) |
| 25 | $25,000 | FL | Molina | Silver | $1,700 | $142 | $73 |
| 35 | $35,000 | UT | BridgeSpan | Silver | $2,000 | $222 | $0 |
| 45 | $60,000 | AZ | Health Choice | Silver | $1,600 | $220 | $0 |
| 55 | $40,000 | NC | Blue Cross | Silver | $3,000 | $295 | $281 |
Check specific rates and discounts in your state at HealthCare.gov. Click here for the estimator tool.
How the Premium Tax Credits Work
You are eligible for the federal premium tax credits if:
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You are not offered employer-provided health insurance (through your workplace or your spouse's),
- You purchase an individual health insurance policy offered on your state's Marketplace, and
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Your household income is less than 400% of the Federal Poverty Level (FPL). This translates to about $46,680/year for an individual and $95,400/year for a family of four in 2014.
The premium tax credit acts as a cap on the amount you pay. For those eligible, the tax credit caps the amount you'll pay for your premium on a sliding scale between 2% and 9.5% of your income.
How Employers Can Help
Employers can help employees take advantage of the lower- cost ObamaCare plans by:
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Not offering employer-provided health insurance (offering group health insurance disqualifies employees, and often their families, from the tax credits).
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Offering defined contribution health benefits. With a defined contribution approach:
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The employer gives employees a healthcare allowance to use on health insurance.
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Employees enroll in health insurance, and receive a discount via a health insurance tax credit (if eligible).
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Employees use their healthcare allowance to be reimbursed for their health insurance.
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Have you tried the new estimator? How much do ObamaCare Plans cost in your state?
Image source: healthcare.gov
