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State's premiums unveiled under new healthcare law - Live5News.com | Charleston, SC | News, Weather, Sports

State's premiums unveiled under new healthcare law

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COLUMBIA, SC (WIS) -

A new report from the Department of Health and Human Services has revealed the average premiums for South Carolinians under the Affordable Care Act.

According to the report, uninsured South Carolinians will have 26 qualified plans to choose from in the healthcare exchange set up by the federal government. South Carolina is one of 36 states that opted not to create its own exchange.

The report outlines the average rates for a 27-year-old making $25,000 a year and a family of four making $50,000 a year.

According to federal estimates, the 27-year-old will pay an average of $176 before tax credits on the lowest bronze tier plan or $97 after tax credits on the very same plan. 

Meanwhile, the family of four will pay an average of $109 for the bronze tier plan after tax credits.

On the whole, the average premium for the lowest silver plan is $333 and the lowest bronze plan is $267.

Consumers in the state will have the choice between several different tiers of healthcare service: bronze, silver, gold, and platinum. Bronze covers 60 percent of expected costs; silver, 70 percent, on up to platinum at 90 percent. Bronze plans have the lowest premiums and the highest cost sharing.

While premiums will vary from state to state and person to person, the report says premiums before tax credits came in 16 percent lower than initially thought.

The report comes just one week before the feds begin open enrollment for the nation's new healthcare law on Oct. 1. The plans will go into effect on Jan. 1, 2014, when virtually all Americans are required to carry healthcare plans or face a fine.

Copyright 2013 WIS. All rights reserved. The Associated Press contributed to this report.

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