How Much Marylanders Will Pay Under ‘ObamaCare’

Marylanders will have access to some of the least expensive health coverage sold under President Obama’s new health insurance exchange when it goes into effect next year, but certain policies will become more expensive.

Maryland is among 12 states that have announced the price of pricing information to date, as it will apply under “ObamaCare.”

The data released compares rates for the private insurance policies available next year. Those rates, when compared with policies available in Maryland today, mean that some exchange plans will be more expensive, and some by as much 25 percent, according to The Hill.

Though some policy rates will increase, the proposed rates overall are still below initial estimates given by insurance companies.

The cheapest policy available to a 25-year-old in Maryland will cost roughly $114 per month, according to the state's rate filings. That's an increase compared with today’s bare-bones policies but are among the cheapest rates in the country.

More robust policies for middle-aged adults would average roughly $260 per month — also less than most other states that have filed their rates for next year, and less than the Congressional Budget Office predicted those policies would cost under ObamaCare.

Maryland joins California, New York and elsewhere in achieving monthly premiums below estimates by the Congressional Budget Office and others. Officials in more conservative states have released preliminary findings suggesting health insurance costs will skyrocket as a result of the law, according to The Huffington Post. 

People with pre-existing conditions can't be turned down or be charged higher premiums because of their medical histories. The law also prohibits women being charged more than men.

Most people who buy insurance through the exchange won't pay the full premium out of pocket. The healthcare law also establishes new tax credits to help cover the cost of premiums for low-income consumers, The Hill reports. 

Gov. Martin O'Malley has shown great support for Obamacare, in stark contrast to the 34 states Republican-led states that left the federal government to erect the health insurance exchanges that will be used by residents who don't get health benefits at work or are employed by small businesses.

The Maryland Insurance Administration estimates that three-quarters of the people who will use the health insurance exchange will qualify for tax credits that will cut the cost of their coverage, according to The Huffington Post.