Calculating healthcare coverage costs

Published 09/30 2013 06:36PM

Updated 09/30 2013 06:40PM

SPRINGFIELD -- One concern a lot of people have about the new healthcare law is the cost. There are dozens of different options to choose from and not all have to break the bank. WCIA-3's Ashley Michels keeps us Connected to the Capitol.

A lot of people will be able to get help paying for insurance. There are subsidies available to bring costs down.

In some cases, coverage plans won't cost you a dime and more people will qualify for help than you might think. It's called the Affordable Care Act. That means it's not supposed to cost an arm-and-a-leg if you break an arm or a leg.

But, many people worry mandated healthcare won't come cheap. Raymond McCrarey says that doesn't have to be the case.

"Don't be scared because everybody needs insurance."

McCrarey is an in-person counselor; one of the people specially-trained to help people sign up. He says one of the biggest misconceptions is the money.

Premiums do cost about $100+ each month, depending on your age, where you live and if you smoke. But, there is help available.

"There's this thing called tax credits that will help people be able to afford this insurance now."

Subsidies will help a lot of people offset some of their monthly premiums.

"It helps people that don't reach a certain income level."

And, it's not only if you have low-income. Anyone making 400% of the poverty level or less qualifies for a tax break, so, that's any individual bringing in up to $44,000/year.

For a family of four, the cutoff is $92,000. The amount you get is on a sliding scale depending on your situation. But, after subsidies, the average family can expect to spend about $150/month for the lowest-cost plans.

"I think it's really beneficial for people. Now you can get insurance when, before you might not have been able to."

All of the individual plan information for Illinois will be available online starting Tuesday so you can see exactly what it will cost you.

If you want a sneak-peek, there's a mock-cost calculator you can use at

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