Age Impact on Health Insurance Premiums
This is a news story, published by Yahoo Finance, that relates primarily to ACA news.
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Health Insurance PremiumsSmartAsset
•Business
Business & Economics
Average Cost of Retirement Health Insurance for Ages 62 – 65
87% Informative
The Affordable Care Act empowers health insurance companies to incorporate age when calculating premiums.
The law caps age-based premium increases based on age.
Insurance companies can only charge a 64-year-old up to three times as much for a given plan.
Insurance costs can take a big bite out of retirement income.
Federal rules permit insurers to charge retirement-age Americans up to triple the rates paid by 21-year-olds .
Early retiree purchasing coverage under a benchmark plan through an ACA exchange might have to pay approximately $1,100 or more a month for health insurance.
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