Obamacare Premiums
How Much Does My Obamacare Premiums Cost?
The cost of your Obamacare depends on various factors such as age, location, family size, and plan type. Let’s break down these factors and provide you with some cost estimates.
Factors That Affect Your Obamacare Premium
Cost by Your Age
Older individuals tend to have higher premiums as they typically require more medical care.
Tobacco Use
Tobacco users may see higher premiums due to associated health risks.
Family Size
The more people you’re insuring, the higher your premium. Make sure to check the FPL of your state to know if you can qualify. The FPL is a number set by the government to measure how much money a family needs to live. It's different for different-sized families and changes every year. You must earn less than $14,580 a year to qualify if you live alone. This amount is called the federal poverty level. If you have a family, you can earn more. But if your family makes more than four times the poverty level, you probably won't get help.
Cost by State
The cost of living and medical care in your area can impact your premium.
Cost by Coverage (Metal) Level
Most Marketplace health plans are categorized by metal tiers: Bronze, Silver, Gold, and Platinum. The higher the metal tier, the more coverage the plan provides. Bronze plans are more affordable but cover less, while Gold and Platinum plans have higher premiums but cover more of your medical costs. The lower the metal level, the higher your costs will be when you use your services.
Cost by Network
The two most common types of networks are HMOs and PPOs. HMOs offer the lowest monthly cost but limit your care to in-network providers. This means you’ll generally pay nothing for covered services but have no coverage for out-of-network care, except in emergencies. PPOs provide more flexibility, allowing you to see any doctor or hospital. However, you'll typically pay less if you stay within the network.
Cost by State
The cost of living and medical care in your area can impact your premium.
Cost by Coverage (Metal) Level
Most Marketplace health plans are categorized by metal tiers: Bronze, Silver, Gold, and Platinum. The higher the metal tier, the more coverage the plan provides. Bronze plans are more affordable but cover less, while Gold and Platinum plans have higher premiums but cover more of your medical costs. The lower the metal level, the higher your costs will be when you use your services.
Cost by Network
The two most common types of networks are HMOs and PPOs. HMOs offer the lowest monthly cost but limit your care to in-network providers. This means you’ll generally pay nothing for covered services but have no coverage for out-of-network care, except in emergencies. PPOs provide more flexibility, allowing you to see any doctor or hospital. However, you'll typically pay less if you stay within the network.
How Much is Obamacare?
While it’s difficult to provide a precise average, you can expect to pay around $500 to $600 per month for a standard plan without considering subsidies. Currently, the average Obamacare premium is $584 per month for a 40-year-old with a Silver plan. However, your premium will vary based on factors such as your age, location, and the level of coverage you choose.
But don’t worry—most people don’t pay the full price! Over 90% of Obamacare enrollees receive premium tax credits that significantly lower their costs.
Let Us Help You Find Your Obamacare Premium Cost
At Arte Insurance, we’re committed to helping you find the best Obamacare plan at the most affordable price. Whether you’re new to the marketplace or just looking to save more, our team of experts is here to guide you through the process.
- Personalized Service: We work with you to find the plan that best suits your needs and budget.
- Expert Advice: Our licensed agents are ready to answer your questions and help you understand your options.
- Easy Enrollment: We’ll walk you through every step of the enrollment process.
