On Thursday, September 5, Blue Cross and Blue Shield of NC (BCBSNC) published the cost of the insurance plans it will be offering in the North Carolina Marketplace (also called the Exchange). Although 27 states, including North Carolina, have defaulted to a federally-facilitated marketplace instead of a state-based marketplace, the cost of plans offered in the Federal marketplace can vary from state to state. A report by the Kaiser Family Foundation released recently looked at both state-based and federally-facilitated marketplaces in 18 major cities across the country and found the premium price of the second-lowest cost silver plan for a 40-year-old could vary by as much as $212 (before tax credits or cost-sharing subsidies are applied), depending on the state. The North Carolina state-wide average cost of a BCBSNC silver plan for a 40-year-old ranges from $276 to $360, depending on the plan. BCBSNC is offering 11 plans in the silver level.
Once available tax credits are applied, the cost of the second-lowest cost silver plan becomes the same, no matter what state you are in. This is because of a premium cap based on income. For example, the cost of the second-lowest cost silver plan for individuals earning between 250% and 300% of the Federal Poverty Limit is capped at no more than 9.5% of income. The cost of the same coverage for an individual earning between 150% and 200% of the FPL is caped at 6.3% of income. Those with income levels between 100% and 250% of the FPL will also be eligible for cost-sharing subsidies for out-of-pocket costs.
BCBSNC is offering 26 different health-insurance plans in the North Carolina Marketplace. The plans range in price from a low of $145 for a catestrophic plan (available only to those under 30 years old or who qualify for a hardship exemption) to a high of $947 for a platinum plan. BCBSNC is the only carrier offering plans in all 100 counties. Coventry Health Care of the Carolinas and FirstCarolinaCare are also offering plans in the North Carolina markeptlace. Not much is know yet about the Coventry plans, but FirstCarolinaCare has published the rates of the plans it expects to offer. FirstCarolinaCare is offering 16 plans in 6 counties, and the prices range from a low of $80 for a catestrophic plan (for individuals age 20 and under) to a high of $1,112 for a gold plan for individuals 65 years of age and older. FirstCarolinaCare is not offering platinum level plans.
