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Covered California Q&A

Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.

What can I expect to pay?

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Question: In 2014 I can retire at $33K per year for my wife and I. Me 57yrs and her 55yrs. Do you have an approximate monthly premium cost chart for a family of 2? I saw one for a family of 4 but even the Kaiser calculator does not have one for a family of 2.

Answer: An annual taxable income of $33,000 for a 2-person family is equivalent to about 200% of the Federal Poverty Level (FPL) in 2014. Assume that your monthly unsubsidized premium is estimated at $700 for a Silver Level Coinsurance Plan ($1000 deductible, 70% coinsurance, and $5,500 maximum out of pocket). Applying the same subsidized percentage as the 4-person family, your subsidy will cover 80% of your premium, leaving you with a net monthly cost of $140. (I’m estimating but I’m not too far off.)

In addition to the premium subsidy, you will qualify for cost-sharing reductions. What that means to you is lower out-of-pocket maximums - $2750 rather than $5500 - giving your plan an actuarial value of 79% rather that 71%.

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