According to two independent studies, coverage under President Obama’s new health care law will vary widely depending on whether or not one qualifies for tax credits. Recently, a study by a private data analysis firm, Avalere health, found that, before tax credits, a mid-range plan for a 40-year old would cost about $330 and be doubled for a 60 year old. The Kaiser Family Foundation, however, released a report which determined that tax credits significantly lowered that sticker price.
It is estimated that 4 out of 5 consumers in the new market will be eligible for a tax credit. By January 1, 2014, all Americans will be required to have coverage or face penalties.
Expect to see the final premium rates around October 1st. Consumers qualifying for tax credits will be pleased; those who don’t qualify may end up paying more than they thought.
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