How much does ObamaCare cost for 2020?


Answer

The national average of the lowest cost plan under ObamaCare before cost assistance in 2020 is $331 for Bronze, $442 for Silver, and $501 for Gold.[cite]Average Marketplace Premiums By Metal Tier 2018 - 2020. kff.org.[/cite]

That figure refers to the average monthly premium of plans before cost assistance.

With that noted, the costs of plans differ by specific plan, region, what type of assistance you qualify for based on income.

Also, when accounting for plan cost you should think about out-of-pocket spending and related limits like deductibles and what out-of-pocket assistance you qualify for.

In practice the cost of plans under ObamaCare range from free (for Medicaid) to full cost (for those without assistance options) depending on what type of assistance you qualify for.

With all of that in mind, in simple terms, many will pay less than $100 a month after assistance for an ObamaCare plan and many will qualify for free or low-cost coverage under Medicaid/CHIP.

Learn more about cost assistance on 2020 plans.

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Paul on

Article does indicate if theses are monthly or annual premium costs. I suspect they are monthly…but the author doesn’t make that clear. Furthermore, the author includes no co-pays info related to the plans described so essentially the title “OBAMACARE FACTS” is an oxymoron.

ObamaCareFacts.com on

I added clarity to the article. The costs quoted are the average monthly premiums before cost assistance. As to breaking down each out-of-pocket cost and how cost assistance impacts those costs, this is out of the scope of this page since it is a big topic. That said, you can check out plan benefit sheets for deductibles, copays, coinsurance, maximums, etc to get a sense of what out-of-pocket spending generally looks like and how it differs between different plan tiers (low premium generally means high out-of-pocket, high premium generally means low out-of-pocket).

Arthur on

It says “lowest cost plan under ObamaCar”. What income level is that based on?

I went on the Obamacare site. They gave me a tax credit based on my household income. How does that work? Is it right up front off the premium, or is it like a tax deduction at the end of the year?

ObamaCareFacts.com on

It is either an upfront deduction, deducted at tax time, or you can split it. It is up to you if planning in advance, but regardless refunds and additional credits will be squared up at tax time based on actual income. You can learn more here: https://obamacarefacts.com/insurance-exchange/premium-tax-credits/

Dawn Caddell on

I am in Teacher retirement as my only income of $1200 monthly.
What is the lowest cost of good insurance for me?

ObamaCareFacts.com on

1200 x 12 = 14400. In most states you qualify for Medicaid, especially after deductions to income you may take (see the 2021 assistance link below for example).

With that said, you are still in a spot where you would qualify for generous assistance in a state that did not expand Medicaid.

Basically, this means you should call HealthCare.Gov or sign up there and see what your best option is. It’ll either be cheap or free based on your income (but not knowing your state).

https://obamacarefacts.com/2021-obamacare-eligibility-chart-and-subsidy-calculator/

TIP: The above is true unless you have access to health insurance through your employer, if you do you should likely take that and will need to report that when you call the marketplace ot see what your options are (you may have insurance, but may not have “affordable” insurance under ObamaCare’s rules for affordable employer coverage).

Dale on

Can the cost of a marketplace plan to the taxpayer be deduced from the taxpayer’s form 1095-A??

ObamaCareFacts.com on

Unsurprisingly the answer to your question is no.