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Enacted in 2010, the Affordable Care Act brought in a new Health Insurance Marketplace –– known as Obamacare –– which aimed to provide Americans with better access to affordable health insurance plans. When the Affordable Care Act was signed into law, it was the single largest change to U.S. health care regulations since Medicare and Medicaid in 1965.
While Obamacare offered greater coverage to more Americans and made health insurance plans more affordable, health care costs under Obamacare can still feel out of reach. The Trusted Referral Network helps you find the right health insurance plan for your needs and budget and has broken down the average monthly costs for Obamacare premiums.
Read on to explore the true cost of Obamacare premiums, and make sure you're getting the best rate and the right health plan with the Trusted Referral Network.
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The Average Monthly Premiums for Obamacare
Health care plans use what is known as a metal tier system, which you can learn more about on our blog. These tiers bring different benefits, types of coverage, and premium costs, with the scale ascending from the bronze tier to the gold tier. In 2022, the average monthly premium cost for a bronze-tier health insurance plan was $329. Silver plan premiums for the same year were slightly higher at $428/month, with gold at the top of the range at $462/month.
Seeing these health costs might make your heart skip a beat, but keep in mind that health insurance costs are reduced significantly by subsidies according to income relative to the federal poverty level. The Trusted Referral Network can help you take advantage of these subsidies and ensure that your monthly health insurance premiums are fair.
How Health Insurance Premiums Are Calculated
There are several factors that determine the cost of monthly health insurance premiums under Obamacare –– with the Affordable Care Act mandating that plans could not charge higher premiums based on gender. Some of these factors are related to lifestyle, like frequency of tobacco use, while others are based on location and age. Another factor is how many individuals will be on the plan, as family health insurance premiums will be higher than an individual plan. With the right plan, however, you can ensure that you and your family get the coverage you deserve at a fair cost of health insurance.
How Health Insurance Costs Work
While monthly premiums are essential to understand, more health care costs are worth exploring. Health insurance deductibles are also crucial to understand, as these refer to out-of-pocket costs you must pay for healthcare services before health insurance companies pay. Typically, lower out-of-pocket costs for a monthly premium will mean a higher deductible and vice versa.
One significant benefit of Obamacare is the set ceiling for out-of-pocket costs. This refers to the total amount you can pay out-of-pocket –– including your deductible, copayment, and coinsurance –– before the rest of your fees for medical services are paid entirely by your health insurance provider. In 2021, this ceiling was $8,550 for individuals and $17,100 for families, but it has risen to $8,700 and $17,400 in 2022.
Find Affordable Health Insurance With the Trusted Referral Network
Navigating the Health Insurance Marketplace can be difficult, but the Trusted Referral Network wants to make sure that your total health care costs are within budget –– and that you're getting the health coverage you need. Through our network of providers and experts, we connect you with the right health insurance provider and plan, ensuring that you have access to the care you need at a monthly cost that fits your budget.
No matter your medical history, income level, age, or location, the Trusted Referral Network can help you find the health plan you deserve.
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