This week, the buzz in the health care reform world has been the upcoming opening of the Exchanges on October 1. From long-winded talks in Congress to cheery commercials on television, consumers and businesses alike are anxiously awaiting a much anticipated aspect of health care reform.
Beginning Tuesday, individuals and small business with fewer than 50 employees will be able to enroll in health coverage through the Health Insurance Marketplace, with coverage to be effective January 1, 2014. 36 states are prepared to open enrollment October 1. In each state, consumers will be able to choose from among an average of 53 health plans.
The federal government released approximate costs for coverage purchased through the Exchanges yesterday. The report lists anticipated average costs for bronze, gold and silver plans for an average 27 year old and a family of four, both with and without tax subsidies. What is not identified is the out-of-pocket costs a participant will encounter, through copays, deductibles and other cost-sharing.
The costs vary from state to state. In Pennsylvania, for example, consumers will have a choice of 56 plan options, with costs for a 27 year old before tax credits ranging from $125 per month to $205 per month. Coverage for a family of 4 with income under $50,000 will range from $152 per month to $675 per month.
Click Here for the White House's release of costs of coverage available through the Exchanges.
