In recent news, you may have heard the President has allowed for a one year extension of existing insurance plans that do not fully satisfy the requirements under the Affordable Care Act. What this means is, if you have one of these plans, rather than getting a cancelation notice from your insurance carrier, you are able to keep the plan for one more year. However, it should be mentioned, it is entirely up to the carrier to determine whether they want to continue to provide the plan and coverage. Some insurance companies are encouraging their customers to switch now, as it is going to have to be done eventually, and avoid problems later.
You can see how much new coverage for a plan approved by the Affordable Care Act is going to cost by using various calculator tools. For instance, in California, a Silver Plan premium, for a family of four earning $40,000 annually, with two children under the age of 21, has an estimated premium before any tax credits of $845. After applying the estimated tax credits of $682, the premium amount drops to $164.
The calculator is also able to give you estimates for single individuals, and in cases where you have adult children between the ages of 21 and 25. Just remember, in California, the amounts obtained from the calculator are only estimates for Silver Plans. In order to compare rates between Gold and Platinum options, as well as Bronze, you need to fill out your Affordable Care Act application.