HealthSource RI Rolls Out Health Insurance Exchange Rates

Aug 20, 2013

The state-run health insurance exchange has released rates on the 28 plans it will offer residents and small businesses.

The exchange, known as HealthSource RI, offers a dozen plans to individuals and families. Three insurers are providing the coverage that range in price depending on a person’s age and whether they want a “gold” “silver” or “bronze” plan. The assumption is that younger people are healthier so if a 21-year-old and a 45-year-old want the same “gold” plan, the 45-year-old is going to pay $126 more in monthly premiums.

The state is putting an emphasis on getting small businesses to sign up. That’s because of Rhode Island’s size: small state, small number of uninsured residents. And to have real muscle in the marketplace HealthSourceRI needs to build a critical mass. So it’s offering 16 plans to lure companies with 50 or fewer employees on the exchange.

Plans range from “platinum” to “bronze” and the monthly premium hinges largely on age. If a company offers a 21-year-old employee and a 45-year-old employee the same “platinum” plan, the monthly premium is going to cost the 45-year-old $167 more a month.

The plans will be available starting October 1st. The Affordable Care Act goes into effect January 1st, that’s when Americans are required to have health insurance.

The state expects between 70,000 and 100,000 will get their insurance through the exchange by the end of 2014.

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