How Much Will I Pay for Obamacare?
With the 2016 Open Enrollment period right around the corner, there’s no better time to start thinking about your health insurance. People across the country are taking this opportunity to purchase new coverage plans that better fit their evolving needs and budget, but someone buying their first, second, or third insurance policy may still have a few questions, especially if they’re making the switch to an Obamacare health insurance plan.
The answers to all of these questions can be found by exploring our blog and the resources available on our site, but today we’ll be looking at cost. How much are you currently paying for health insurance coverage? Have the costs of Obamacare changed since the last Open Enrollment period? A recently published data analysis of the last Open Enrollment period holds the information we need to answer these questions.
According to this data, an individual plan costs, on average, $304 per month in premiums, while a family plan costs an average monthly premium of $751. While this data only reflects those who chose non-subsidy-eligible affordable health insurance plans in 2015, these numbers could give us some idea of what to expect when Open Enrollment begins again on November 1st.
Highlights of the data analysis include…
• Individual coverage plans cost, on average, $304 per month.
• Family plans cost, on average, $751 per month.
• The average annual deductible for individual plans was $3,933
• The average annual deductible for family plans was $7,633
• 2015’s rates were 2% lower for individual coverage, but 3% higher for family coverage, when compared to 2014’s rates.
• Bronze was the most popular coverage tier, costing $288 per month on average.
• Average monthly premiums for the other tiers were as follows: Minimum Coverage: $148, Silver: $336, Gold: $373, Platinum: $434
• 33% of all plans purchased were eligible for use with a Health Savings Account (HSA). The average monthly premiums for these plans were $271 for individuals and $603 for families.
It should be pointed out that having health insurance is now required by law, and under the Affordable Care Act, you may pay a fee for going uninsured. Luckily, almost all forms of health insurance coverage meet the minimum coverage requirement, so if you have some form of healthcare coverage, you are likely exempt. Open Enrollment season begins November 1st, 2015 and continues to January 31st, 2016, so don’t miss your chance to purchase an affordable health insurance plan to protect your financial future, secure your peace of mind, and protect you from additional fees.
Reading this past the end of the deadline? You may be eligible for the Extended Enrollment period, and you might even be able to claim an exemption from the penalty fee, but it’s always better to purchase an affordable policy. Call today and be connected to our team of insurance experts or continue to explore the site to learn more about individual and family health insurance, the Affordable Care Act, and more.
What patterns do you see in the data analysis above? What predictions do you have for the next Open Enrollment period and the future of Obamacare? Let us know in the comments section below and join the discussion!