In a major new study issued today, the Kaiser Family Foundation finds that insurance rates for individuals seeking insurance under the provisions of the Affordable Care Act, also called “Obamacare,” will be much lower than expected, including here in New Mexico. Health insurance marketplaces, called insurance exchanges, go online on October 1, 2013. Policies become effective on January 1, 2014.
For a 40-year-old, the monthly premiums for the second-lowest-cost silver plan range from $189 to $212 in Albuquerque, New Mexico before accounting for the tax credit, the study says. If the 40-year-old had an annual income of about $29,000, he or she would be eligible for tax credits that would reduce the monthly premiums to $193 in any of the 18 markets.
Under the Affordable Care Act, five private health insurers are participating in the New Mexico health exchange, statewide, which goes online on October 1, 2013. Eight insurance plans will be offered in the Albuquerque area, the state’s largest market. Individuals seeking to purchase individual health insurance policies will be able to do so between October 1, 2013 and March 1, 2014.
Under the provisions of the Affordable Care Act, individuals with pre-existing conditions cannot be denied insurance based on pre-existing conditions. Prescription plans are included in the insurance policies.
Read the full report online, or below: