Affordable Care Act premium rates unveiled in Wisconsin
MADISON (WITI) -- A new report released by the Department of Health and Human Services (HHS) on Wednesday, September 25th finds that in Wisconsin, consumers will see increased competition in the Health Insurance Marketplace.
In less than a week, the new Marketplace will be open for business where millions of Americans will be able to shop for and purchase health insurance coverage in one place. Consumers will be able to find out whether they qualify for premium assistance and compare plans side-by-side based on pricing, quality and benefits. No one can be denied coverage because of a preexisting condition. October 1 marks the beginning of a six-month long open enrollment period that runs through March 2014. Coverage begins as early as January 1, or in as little as 100 days from today.
Wednesday’s report finds that individuals in Wisconsin will have an average of 97 qualified health plan choices. Plans in the Marketplace will be categorized as either “gold,” “silver,” or “bronze.” Young adults will also have the option of purchasing a “catastrophic” plan, increasing their number of choices.
In Wisconsin, the average premium for the lowest-cost silver plan will be $344 and for the lowest cost bronze plan it will be $287. The average premium nationally for the second lowest cost silver plan will be $328 before tax credits, or 16 percent below projections based off of Congressional Budget Office estimates. About 95 percent of uninsured people eligible for the Marketplace live in a state where their average premium is lower than projections. And states with the lowest premiums have more than twice the number of insurance companies offering plans than states with the highest premiums.
Premium and plan options are broken down by state where information is available. For example, the report shows that a 27-year old living in Wisconsin who makes $25,000 per year will pay $96 per month for the lowest cost bronze plan and $145 per month for the second lowest cost silver plan, taking into account tax credits. For a family of four in Wisconsin with an income of $50,000 per year, the lowest bronze plan would cost only $106 per month.
In Milwaukee, a 27-year old who makes $25,000 per year will pay $86 per month for the lowest cost bronze plan and $145 per month for the second lowest cost silver plan, taking into account tax credits. For a family of four in Milwaukee, WI with an income of $50,000 per year, the lowest bronze plan would cost only $70 per month. And Milwaukee consumers will be able to choose from among 84 qualified health plans.
Consumers can get help finding Marketplace coverage through a number of different resources. They can get more information through HealthCare.gov.
Additional resources:
Medicare and The Affordable Care Act: http://www.medicare.gov/about-us/affordable-care-act/affordable-care-act.html
Where to buy insurance: https://www.healthcare.gov/marketplace/individual/#state=wisconsin
Presentation by Wisconsin Office of the Commissioner of Insurance: http://oci.wi.gov/healthcare_ref/townhall_presentation.pdf
Watch out for Scams: http://oci.wi.gov/pressrel/0913scammers.htm