Digging Deeper into the ACA

Published 09/24 2013 09:45PM

Updated 09/25 2013 11:01AM

SPRINGFIELD -- Governor Quinn says the rates of healthcare plans are about 25 percent cheaper than the federal government predicted. But what will they cost you? WCIA-3's Steve Staeger is Digging Deeper.

The cost depends on where you live, and how much you're willing to pay out-of-pocket if you use the insurance. Illinois' Health Insurance Exchange opens October 1, and when you log on, it will likely be a familiar experience. It is similar to Hotwire or Hotels.com, where you go in and you search all the different plans, find a plan that is right for you. Then, you can enroll in that coverage.

You will have four choices of plan structures: Bronze, Silver, Gold and Platinum. The lower the plan, the lower the monthly premium, but the higher the deductible and other out-of-pocket costs. While it's not known yet what those deductibles may be, there is an idea of the premiums. They depend on different factors, like where you live and if you smoke or not.

Say you are a 25-year old, non-smoker living in Champaign. A Bronze plan with a higher deductible would cost you about $166 per month.

If you want lower deductible, you will pay more. The same plan, in the Silver tier, costs $215 per month.

But it is not as simple as that. Under the Affordable Care Act, people with different incomes can apply for subsidies which can cut down on the monthly payment, and offer different plans from different insurance companies.

If you do not have healthcare, and you do not take part in this exchange, you will be charged a penalty on your 2014 taxes of about $95.

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