The Kaiser Family Foundation published a report today comparing marketplace insurance premiums in 17 states and Washington, DC. The report looks at premium cost for individuals and families in different financial circumstances. The result is an illustration of rates that might be paid, with and without tax credits, in the represented locations. The 17 states plus DC include eleven operating their own marketplaces (also called exchanges) and seven that will have the federally run marketplace. The result is a wide range of premiums, with tax credits varying based on income levels and the second-lowest-cost “silver” plan available in each market. Although tax credits are determined based on enrollee income and the cost of a silver plan, the credits can be used to pay for any plan in the marketplace, including a less expensive “bronze” plan.
The report provides state-by-state estimates for the cost of coverage for a 25-year-old, a 40-year-old, and a 60-year-old, as well as the impact of tax credits on those rates. For example, the monthly premiums for the second-lowest-cost silver plan for a 40-year-old range from $201 in Portland, Oregon, to $413 in Burlington, Vermont. Application of tax credits to these premium rates reduces the variation. A 40-year-old with an annual income of approximately $29,000 would be eligible for tax credits that would reduce the monthly premium to $193 in each of the 18 markets represented in the study. Monthly premium cost for this 40-year-old is reduced to between $97 and $168, depending on the market, if he or she chooses to purchase the lowest cost bronze plan instead of the silver plan. The report also includes examples for a family of four and an older couple in each of the 18 cities represented.
For more side-by-side comparisons, view the Kaiser report. For estimates not represented in the report, use the Kaiser subsidy calculator to plug in your own numbers.
