If you’ve lost your job during the pandemic, and with it your health insurance, you may think that Obamacare plans are too expensive and therefore not worth seeking. Or maybe you’re worried about whether the coverage will withstand legal challenges.
Think again, health care analysts say.
Most people seeking insurance through Obamacare marketplaces qualify, based on their income, for tax credits that significantly lower their cost of coverage. Two-thirds of customers on HealthCare.gov, the federal insurance exchange, can find a plan for $10 a month or less, according to Get America Covered, a nonprofit that advocates health coverage under the Affordable Care Act, also known as Obamacare. In some cases, tax credits can lower the monthly premium to zero. Many people are also eligible for extra financial help that reduces their out-of-pocket costs when they seek care.
An analysis by the Kaiser Family Foundation found that benchmark premiums for 2021 plans sold on the marketplaces had fallen more than 2%, on average. (Costs vary by location and plan type, so in some cases, premiums have increased.) In many states, new insurers are entering the marketplace or expanding their service areas, which tends to increase choice and lower costs.
“Coverage remains extremely affordable for the vast majority of HealthCare.gov customers,” said Joshua Peck, co-founder of Get America Covered.