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Reports indicate that health insurance premiums under Obamacare will be lower than initially thought

WASHINGTON – The White House reported Wednesday that insurance premiums in the new Health Insurance Marketplace will be lower than what experts initially projected.

As part of the Affordable Care Act (ACA) – sometimes called Obamacare – the Health Insurance Marketplace opens for business on October 1st. Inside the Health Insurance Marketplace, individuals, families, and small businesses will be able to shop for health coverage. The ACA requires insurance companies to cover people with pre-existing health conditions and makes it illegal for health insurance companies to arbitrarily cancel health insurance policies. Coverage begins in January.

The White House said Wednesday that “the Marketplace will give uninsured Americans access to affordable health insurance” and that a report has found that “average premiums are even lower than experts initially projected.”

The national average premium for the benchmark plan will be $328 a month before subsidies, 16% less than projected by the Congressional Budget Office.

In Iowa, for example, there will be an average of 39 plans available to choose from. The lowest cost premiums after tax credits for a 27 year-old with an income of $25,000 will be $96 per month, the White House said. Mid-range plan premiums for a family of 4 will cost am average of $683 per month.

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