Plans in the Health Insurance Marketplace are divided into categories: platinum, gold, silver and bronze. Platinum plans have the highest premiums and lowest out-of-pocket costs. Bronze plans have the lowest premiums and the highest out-of-pocket costs.
Based on income levels, some residents will get tax credits for their insurance costs.
In West Virginia, before tax credits, a 27-year-old person would pay an estimated $185 a month for the lowest bronze plan, $218 a month for the lowest silver plan, $266 a month for the lowest gold plan, and $169 a month for the lowest catastrophic plan, according to the report.
The IRS will pay the tax credits in advance each month, so people will only pay the after-tax credit amounts each month, Bryant said.
A 27-year-old making $25,000 a year would have paid $218 a month before tax credits but will pay $145 a month after tax credits for the second-lowest silver plan. The same person would pay $112 a month for the lowest bronze plans after tax credits, according to the report.
A family of four making $50,000 a year will pay $789 a month before tax credits and $282 a month after tax credits for the second-lowest silver plan. The same family will pay $161 a month for the lowest-bronze plan after tax credits, according to the report.
States with more competition in the marketplaces will have lower premiums, according to the report. Overall, premiums before tax credits are expected to be more than 16 percent lower than projected, according to the report.
Reach Lori Kersey at lori.ker...@wvgazette.com or 304-348-1240.