I have long learned not to trust the politicians, especially with the ones with an agenda — That basically covers every elected official.
With all the serious debate going on in Washington on budget and threat to defund Obama Care, I grow curious how much exactly it will cost for a typical individual or a family to buy the insurance through the “marketplace” that they created.
So where to find the information? After trying a number of keywords and about 30 minutes later, I landed on this page. It is a page managed by the US Centers for Mdicare and Medicaid Services.
Why the people debating on the issue on both sides could not do a better job in publicizing the website and let the people try the system. If the policy is destined to fail, as the opponents to ObamaCare predicted, it will then fail quickly and we will fix it in the future. If the policy will be a success, then who will not be happy if it succeeds?
Right now the site is not very helpful as the marketplace is not up and running until Oct.1 . It invites me to answer a few questions to learn if I qualify for lower costs. So I did. I entered a hypothetical individual with information on the type of coverage (individual or family), state, age, gender, and current insurance situation, I was then directly to a still generic informational page.
I have to wait until October 1, 2014 to get my answers.
To a young person (I pretended I am 30 years old), the page tells me that I may be able to buy what is called a “catastrophic” health plan. It protects me from very high medical costs. I guess I have to make “limited income” to qualify.
That is something I will look into tomorrow.
As of today, I am not happy with my search yet for I am curious how much my hypothetical 30-year-old is expected to pay.
After much search, I bumped into this cost estimator provided by Kaiser Family Foundation. Obviously the out-of-pocket premium one has to pay depends on the income. This is what I got when I input a very low income number of $20,000:
- Household income in 2014:174% of poverty level
- Unsubsidized annual health insurance premium in 2014:$2,877
- Maximum % of income you have to pay for the non-tobacco premium, if eligible for a subsidy:5.11%
- Amount you pay for the premium:$1,021 per year (which equals 5.11% of your household income and covers 35% of the overall premium)
- You could receive a government tax credit subsidy of up to:$1,856 (which covers 65% of the overall premium.
You can try the estimator yourself.