This is obviously a question that many consumers are curious about. And, as is the case with cost estimates published today, there are multiple sources of information that will all give you a slightly different take on how much individually purchased ?nongroup? health insurance will cost once health reform is fully implemented. If you want to see estimates on how much health insurance costs today, visit our post titled How Much Does Health Insurance Cost?.
The Congressional Budget Office
The Congressional Budget Office (CBO) did an estimate in 2009. In it they found that the average premiums per policy in the nongroup market in 2016 would be roughly $5,800 per year and $483 per month for single policies and $15,200 per year or $1,267 per month for family policies under the proposal. The estimate can be found within the report entitled,?Analysis of Health Insurance Premiums Under the Patient Protection and Affordable Care Act?.
The Heritage Foundation and the Urban Institute
The Heritage Foundation and the Urban Institute teamed up earlier this year to publish a report entitled, Eliminating the Individual Mandate: Effects on Premiums, Coverage, and Uncompensated Care.
This report is more detailed in some ways than the CBO report. Specifically, their report analyzes what would happen to health insurance costs, enrollment, and a number of other issues if the requirement to buy health insurance, also referred to as the individual mandate, were found to be unconstitutional by the United State?s Supreme Court.
How much will health insurance cost with a Mandate?
In their analysis they found that if the mandate remains as part of the legislation, the average price people would pay in the ?Total Nongroup? health insurance market would be $5,100 per year and $425 per month ($58 less than the CBO estimate).
Assuming the mandate stays in place, the report also breaks out costs by how much people would pay for insurance if they buy it through an exchange ($5,200) versus what they would pay outside of an exchange ($4,900).
How much will health insurance cost without a Mandate?
In their analysis they found that if the mandate is eliminated from the legislation, but a large percentage of the population buys health insurance and uses health insurance exchanges, the average price people would pay in the ?Total Nongroup? health insurance market would be $5,600 per year and $467 per month ($16 less than the CBO estimate).
Assuming the mandate goes away, the report also breaks out costs by how much people would pay for insurance if they buy it through an exchange ($5,700/ year vs. $475/month) versus what they would pay outside of an exchange ($5,100 year vs. $425/month).
You can find these reports at:
-????????? http://www.urban.org/UploadedPDF/412480-Eliminating-the-Individual-Mandate.pdf
-????????? http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/107xx/doc10781/11-30-premiums.pdf
Notes
These numbers may seem off if they?re more or less than what you?re paying for some Medicare plans or non-group health insurance plans. AARP benefits, ? AARP health insurance plans or Medicare Supplement plans, for example. But it?s important to note that these reports do not address Medicare costs.
They?re more applicable to someone who has an Aetna?health insurance plan, an Anthem Blue Cross / Blue Shield (BCBS) plan or another reputable insurance company in the non-group health insurance market. But, it?s also important to remember that these costs are national and not broken down for any particular state. So, for example, if you have Blue Cross, Aetna or BCBS plan from California the prices may be very different from what a blue Cross Blue Shield plan in Florida, Georgia or Texas might be.
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