ACA Premium Costs and Factors

The Affordable Care Act (ACA) has made it easier for many Americans to obtain health insurance. However, the cost of ACA premiums can vary significantly depending on several factors. One of the most important factors is age. Generally, premiums increase with age. This is because older adults are more likely to have health problems that require expensive medical treatment.

Another factor that affects ACA premium costs is tobacco use. Smokers pay higher premiums than non-smokers because they are more likely to have health problems that require expensive medical treatment.

Finally, the type of plan you choose will also affect your premium costs. There are four main types of ACA plans: bronze, silver, gold, and platinum. Bronze plans have the lowest premiums, but they also have the highest deductibles and out-of-pocket costs. Platinum plans have the highest premiums, but they also have the lowest deductibles and out-of-pocket costs.

If you are concerned about the cost of ACA premiums, there are several things you can do to lower your costs.

Choose a plan with a lower premium. Bronze plans have the lowest premiums, but they also have the highest deductibles and out-of-pocket costs. If you are healthy and do not expect to have high medical expenses, a bronze plan may be a good option for you.
Get a subsidy. The ACA provides subsidies to help low- and middle-income families afford health insurance. If you qualify for a subsidy, your monthly premium will be lower.
Shop around. There are many different health insurance companies that offer ACA plans. Be sure to shop around and compare prices before you choose a plan.

Additional Out-of-Pocket Costs

In addition to premiums, you may also have to pay other out-of-pocket costs for health care, such as deductibles, copayments, and coinsurance.

Deductibles are the amount you have to pay out-of-pocket before your insurance starts to cover your medical expenses. Deductibles can vary significantly from plan to plan.
Copayments are fixed amounts you pay for certain medical services, such as doctor visits or prescription drugs. Copayments are typically lower than deductibles.
Coinsurance is a percentage of the cost of a medical service that you have to pay out-of-pocket. Coinsurance is typically applied after you have met your deductible.

The amount of out-of-pocket costs you will have will depend on the type of plan you choose and the medical services you use. If you are concerned about the cost of out-of-pocket costs, be sure to choose a plan with low deductibles, copayments, and coinsurance.

How to Save on Premiums

There are a few things you can do to save money on your ACA premiums:

Choose a plan with a lower premium. Bronze plans have the lowest premiums, but they also have the highest deductibles and out-of-pocket costs. If you are healthy and do not expect to have high medical expenses, a bronze plan may be a good option for you.
Shop around. There are many different health insurance companies that offer ACA plans. Be sure to shop around and compare prices before you choose a plan.
Get a subsidy. The ACA provides subsidies to help low- and middle-income families afford health insurance. If you qualify for a subsidy, your monthly premium will be lower.

How to Get Help with Health Insurance

If you need help getting health insurance, there are several resources available to you. You can contact your state’s health insurance exchange or call the federal government’s Health Insurance Marketplace at 1-800-318-2596. You can also get help from a licensed health insurance agent or broker.

Speak to Our Licensed Agent

We are licensed health insurance agents and brokers who can help you find the right ACA plan for your needs and budget. We can also answer any questions you have about ACA coverage. To speak to a licensed agent, please call 1-800-318-2596.