MADISON (WXOW) -- The average cost for a health insurance policy available through the federal exchange in Wisconsin is lower than original estimates put out by the Congressional Budget Office (CBO).
The U.S. Department of Health and Human Services (HHS) released a report Wednesday on the average costs for four different levels of health insurance plans available under the Affordable Care Act. They range from the lowest catastrophic coverage up to bronze, silver and gold plans. Each level up provides more coverage and lower premiums and co-pays.
The average cost for a single 27 year-old in Wisconsin would range anywhere from $189/mo. for the lowest bronze plan to $227/mo. for the lowest silver plan. But when tax subsidies are figured in, the costs go down substantially. A 27 year-old earning $25,000/year would qualify for subsidies that would lower the costs to $96/mo. for the lowest bronze plan to $145/mo. for the lowest silver plan.
94% of the plans offered in the 36 states with federal exchanges will be below the original CBO estimates.
Enrollment in the Affordable Care Act exchanges will be available starting October 1st.
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