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How Much Does Health Insurance Cost Under Obamacare?

By on February 25th, 2014
Filed: Advice, Facts

eHealthPriceIndexToday we launched an awesome new tool, the eHealth Price Index. It’s the and only tool of its kind because it tracks the average monthly cost of individual and family health insurance plans on on a daily basis.

Data in the index is based on applications submitted nationwide at eHealthInsurance.com and it has some nifty filtering features as well.

The eHealth Index shows that, as of yesterday, the average monthly premium for an individual’s health plan selected through eHealth without a subsidy was $274 per month, a 39% increase from the average individual premium for pre-Obamacare coverage1.

The Index also shows that the most recent average premium for plans without a subsidy chosen by a family averaged $663 per month, which amounts to a 56% increase above average family premiums from this time last year, which was $426 per month.

IndexStateDataOur new Price Index also shows cool stuff like the average age of individual people applying for coverage; the average size of a family applying for coverage and the most popular metal levels people choose when they don’t qualify for subsidies (e.g. bronze, silver, etc.).

Our new Price Index shows how consumer purchasing behavior changes over time, based on a rolling 14-day average of what’s being purchased nationally. Data in the tool goes back to October 15, 2013.

Interestingly, the premiums for the plans people were buying on that day averaged $374 per month, but dropped approximately 27% to $273 by late February, 2014.

We don’t know why, because the prices don’t actually change, but what people choose to buy how old the people shopping actually are does change. We assume the demographics and composition of the people applying for coverage during the period in question changed as time moved forward.

For example:

  • The average age for individual applicants went from 44 years old in mid-October 2013 to 36 as of February 24, 2014.
  • The average premium for family plans selected by eHealth customers went from $779 in mid-October 2013 to $663 on February 25, 2014.

eHealth’s daily Index will also provide quarterly price index data that looks at consumer trends over a three month period of time, with additional data on state-level premium averages, averages by age ranges, plan types and more.

Demographic BreaksThe data from that Quarterly Index report shows the following:

  • 39% of the individual and family applications submitted in the fourth quarter of 2013 at eHealth were from individuals between the ages of 18-34.
  • The average premium for individual policy holders in the 55 to 64 age range was $520 per month, and 21% of applicants were in this age range.
  • Among 2014 plans selected in the fourth quarter of 2013, the highest average monthly premium for individual plans was found in the state of Alaska ($496) and the highest average monthly premium for family plans was found in New Jersey ($1,004).

If you’re a serious “Wonk” know that all the data from the Quarterly Price Index report can be downloaded the eHealth Media Center in the “Research” tab.

The eHealth Price Index is online at https://www.ehealth.com/priceindex

Notes:

1 eHealth 2013 Annual Cost & Benefits Report, http://news.ehealthinsurance.com/_ir/68/201311/eHealth%202013%20Cost%20and%20Benefits%20Report.pdf

About Nate Purpura


Nate Purpura is a 15-year veteran of print and broadcast journalism, corporate communications, PR and internet marketing. He’s spent the last decade working in the health care and insurance industries. Over fifteen years he’s covered numerous areas of health care including pharmaceuticals, health and wellness programs, chronic disease management programs, cutting-edge diagnostic tools, Medicare and health insurance, and online marketplaces (exchanges).

1 Comment Add Your Comment

janet robertson on Sunday, March 23 @ 9:00 pm

i cant find the form to enroll in obamcare

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