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Maryland Touts Low Premiums in Health Exchange
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Jul 27, 2013 12:03pm |
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| Category | News |
| Author | Louise Radnofsky |
| News Date | Saturday, July 27, 2013 06:00:00 PM UTC0:0 |
| Description | Maryland regulators unveiled new insurance rates for plans they have approved for sale under the health-care law, touting that premiums on the state’s health insurance exchange could be lower than in many parts of country.
A 25-year-old nonsmoker in the Baltimore area will see premiums starting at $124 a month for a basic “bronze” plan covering 60% of their costs. A 50-year-old seeking a “silver” plan covering 70% of their costs will be able to get a monthly premium of $267.
In both examples, the rates stack up favorably with premiums proposed by insurance carriers in other parts of the country, a point that Maryland’s health insurance exchange has been quick to notice.
We wrote a lot about Oregon this week, where the lowest monthly premium a 25-year-old in the Portland area would pay is $130 for a bronze plan. We’ve also written about Virginia, where the lowest rate for a 25-year-old in Richmond would be $156. And in Nashville, Tenn., one carrier proposed a rate of $117.
The federal health law makes some big changes to insurance for people who buy coverage on their own, rather than getting it through an employer or a government program such as Medicare. Insurers won’t be allowed to base premiums on a customer’s medical history, and can only vary them a little bit based on a customer’s age or whether they smoke. Plans also have to meet new federal standards for what they cover, making them more generous. |
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