Health insurance marketplace premiums announced for Tennessee

Health insurance marketplace premiums announced for Tennessee

Posted:
"When you have Type 2 diabetes, that throws you out of a lot of medical plans right off the bat," said Don Samples. "When you have Type 2 diabetes, that throws you out of a lot of medical plans right off the bat," said Don Samples.
"Because you might have a low monthly premium, but then you might have a higher co-insurance or deductible," warned Joel Hornberger, COO of Cherokee Health Systems. "Because you might have a low monthly premium, but then you might have a higher co-insurance or deductible," warned Joel Hornberger, COO of Cherokee Health Systems.

By JILL MCNEAL
6 News Anchor/Reporter

KNOXVILLE (WATE) - New estimates are out for how much health care plans will cost through the new federal health care exchanges. It's a key part of the Affordable Care Act, commonly called "Obamacare." Those average premiums are coming in at less than what had been expected and the plans offered to Tennesseans are some of the least expensive in the nation. 

Don Samples has been self-employed for the last seven years as the owner of Midnight Magic Studios wedding videography. Finding health insurance for his family has been a struggle.

"When you have Type 2 diabetes, that throws you out of a lot of medical plans right off the bat," he said.

They're currently enrolled in CoverTN, a branch of TennCare that will no longer be offered when the health insurance marketplace is available in Tennessee next year. Samples hopes it offers more benefits at a lower cost than he's been paying.

"From what I've read so far and what I've seen so far online and some of the cost calculators I've gone through, it's going to knock off almost three-fourths the cost we're paying right now for CoverTN," he said.

The federal government Wednesday released some average premium prices for various health plans. Choices include gold, silver and bronze plans, named according to the cost of premiums versus co-pays and deductibles.

In Tennessee, for a 27-year-old with an income of 25,000, the second lowest priced silver plan, before an income-based tax credit, would cost an average $161 a month. After the income-based tax credit it would be $145. The lowest priced bronze plan for the same person after the tax credit would average $103.

For a family of four making $50,000 a year, the second lowest silver plan before the tax credit would be $584. With the tax credit it drops to $282 and the bronze plan would be $128.

"The other side of that coin is co-payments and deductibles so you'll need to compare that as well. Because you might have a low monthly premium, but then you might have a higher co-insurance or deductible," warned Joel Hornberger, COO of Cherokee Health Systems.

The price you pay will be based on factors like age, income, location, and family size, among other things. All of the details will not be available until October 1, when enrollment begins for those who want to be covered when the new year starts.

You can get some basic information about your options online. You can also call 1-800-318-2596.

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