MODESTO -- California's Health Benefit Exchange recently gave the public estimates on the costs of buying health insurance under the Affordable Care Act. Next year, the federal law will require most adults to have health insurance. California will operate an exchange to help uninsured people who qualify to purchase subsidized insurance plans.
For a single wage-earner making $20,000 a year, the premium will run about $1,060 a year or $90 a month. A single person earning $44,680 annually won't qualify for tax credits or subsidies, but should be able to buy insurance through the exchange for about $3,400 a year or $284 a month. President Obama's health reforms disallow insurance companies from excluding people based on pre-existing health issues.
In other examples provided at www.coveredCA.com, a family of four with $40,000 in annual income will be eligible for tax credits and subsidies to help with premiium costs. That assistance will bring the cost of coverage down to $170 per month for that family. A four-member family with $80,000 in annual income will qualify for a $4,740 tax credit to help pay for insurance premiums, bringing the cost to $7,600 a year or $633 a month.