Rhode Island has posted the health plans and premium rates for its new health insurance exchange, HealthSourceRI.
In 2014, state residents shopping for coverage on the individual market will have 12 health plans to choose from. For a 21-year-old, monthly premiums will range from $150 for catastrophic coverage to $282 for the most expensive gold-level plan. For a 45-year-old, plan prices start at $240 for the least expensive bronze-level plan and go up to $408 for the priciest gold-level coverage.
On the small business market, 16 health plans will be available in 2014. The monthly premiums for a 21-year-old will range from $187 for bronze-level coverage to $378 for the most expensive platinum plan. For a 45-year-old, premiums start at $270 for the least expensive bronze-level plan and go up to $545 for platinum-level coverage. In 2010, the average monthly premium was $344 for a person purchasing coverage on the state's individual market, according to the Kaiser Family Foundation.
Consumers can start purchasing coverage through HealthSourceRI starting Oct. 1 under the Patient Protection and Affordable Care Act.
Rhode Island isn't the first state to announce its health plans and premiums for the exchanges. Colorado released the health insurance rates for its new exchange earlier this week, with monthly medical coverage premiums ranging from $135.57 on the low end to more than $1,000. Montana also released premium rates earlier this week, and the Maryland Insurance Administration approved premiums for the state insurance exchange in late July at levels as much as 33 percent lower than proposed by insurance companies.
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