Analyzing Price Breakdowns On Obamacare Plans

By Jeff Neumeyer

October 1, 2013 Updated Oct 1, 2013 at 9:42 PM EDT

INDIANA, (21Alive) --- How much money can folks expect to pay for health insurance they are picking up through the Affordable Care Act?

We analyzed some different scenarios to see if coverage will be a bargain or a burden.

On October 1st, the first day to sign up for insurance through Obamacare, we sat down with Jim Brunnemer, head of PHP in Fort Wayne, to get a sense of the price tags for coverage.

The most expensive option in the medal-tiered system is the platinum plan, but there is also gold, silver and bronze-- bronze being the one with the lowest premium and highest out of pocket expenses.

Brunnemer put together three hypotheticals involving the lower cost silver plan, which he believes will be most popular.

The cost for a married couple—the man and woman both 25 years old and non-smokers-- is about $290.00 a month.

For a 35-year old single male who doesn't smoke, the tab is $261.00 a month, while a husband and wife, age 45 with 10 and 12-year old boys, would shell out roughly $706.00 a month.

Tax credits, earned based on how your income stacks up on a set scale, figure to cut the price tags down for many new policyholders.

" They still have something they'll have to pay out of pocket, so there's some cost there, but it's certainly something that the government is helping them buy coverage that everybody thinks they need," Brunnemer said.

Obamacare is set up under the premise that you either have insurance or you pay a penalty.

The penalty starts at $95.00 a year for adults or one percent of your income, whichever is greater.

The penalties steadily increase, later this decade soaring to nearly $700.00 a year per adult, or two and a half percent of a person’s income.

Brunnemer says there needs to be widespread participation.

" It's a matter of trying to balance that, and making sure you've got a broad pool and the health care law is trying to do that by expanding the number of people that have coverage."

Brunnemer also maintains success of the model depends on getting healthy as well as sick people on board.

The initial signups for coverage run through March.

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