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3 On Your Side: Insurance Premiums Under Affordable Care Act

By Jim Donovan

PHILADELPHIA (CBS)--It's less than one week and counting until health insurance marketplace's will open in each state, allowing uninsured Americans to purchase health insurance more they can afford.

The big question has been how much this affordable insurance will cost.  Today we got an idea and in our region, it's less than what some had expected. 3 On Your Side Consumer Reporter Jim Donovan breaks down the numbers for us.

Beginning October 1st online sites otherwise known as marketplaces will be up and running in each state allowing uninsured people to compare health insurance plans and buy coverage that meets their needs.

The insurance plans will be grouped by levels of coverage, meaning how much the plan will pay out and what services are covered.  Each level is named after a type of metal: Bronze, Silver, Gold and Platinum.  Bronze plans offer the least coverage and Platinum plans offer the most.

The Department of Health and Human Services has released some pricing information to give us an idea of what the plans will cost in each state.

In Pennsylvania there will be about 56 different plans to choose from.  The lowest cost plan, that would be the bronze level, for a 27-year old will cost on average $151 dollars a month.  But depending on that persons income, they may qualify for tax credits to help lower the cost.

For example if that person had an income of $25,000 that premium would drop to $109 a month.  A mid-range plan for a family of four in Pennsylvania would cost $675.  But if that family has an income of $50,000, after tax credits that premium drops to $282.

New Jersey is expected to offer 29 plans.  The lowest plan for a 27-year old is around $219 a month.  But factor in tax credits based on income and the premium could drop to $103.

A family of four in New Jersey will find that a typical mid-range plan would cost a whopping $943 dollars a month, but based on tax credits the premium could end up being significantly lower, around $282.

Delaware is expected to have 19 plans.  Again, the lowest premiums for a 27 year old would be in the bronze level and range from $111 to $203 depending on what tax credits would be available.  The premium for a mid-level plan for a family of four could range from between $282 to $859, again once tax credits based on income are factored in.

For more information or to learn the possible premiums that will be charged in other states visit:

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