Showing posts with label LendingTree. Show all posts
Showing posts with label LendingTree. Show all posts

Sunday, November 10, 2013

A private-market patch for the ACA?

About ten years ago, I used LendingTree.com to refinance my house. On the website, I punched in various vital statistics -- perhaps more than I'd be comfortable submitting today -- and, as advertised, received four bids from mortgagers.  Each sent offer details, I believe all by email.  Parsing the offers -- points, fees, etc. -- took some time, as with any comparison shopping for a financial product.  The small bank I went with gave me some heartburn by not approving the loan within the rate lock period, but they did extend that period, and I did get the loan at the advertised rate, within the estimated costs. It wasn't as easy as buying a camera on Amazon, but it was within reasonable expectation.

About seven years ago, I helped my older son, then 23, buy health insurance on New Jersey's bare-bones individual market exchange. There were basically three choices. AmeriHealth looked best, and they sent us a plan summary  -- I think three options at different price points.  We settled on not-terrible coverage -- at least, not terrible on paper, to my reasonably informed eye -- for about $180 a month.

Months ago, the Kaiser Family Foundation put up a provisional ACA cost calculator: punch in the number of people in your household, their ages, family income, and zip code, and get an estimate of the price of a silver or bronze plan, with and without the subsidy you qualify for, if any. It does not provide information for specific plans,however.

Now, it seems, there's a private-market, state-specific improvement, with pricing for actual plans and contact info for the insurers offering them:
I gave this a whirl, putting in my zip code, ages for my wife and me, and various income estimates. It works. There are no plan details (other than plan type -- HMO or EPO or POS), and I haven't called the insurers whose plans are quoted [update - see next post], but I would assume that they will send plan details if asked. [Update: per below, another site, ValuePenguin, appears to give more accurate price quotes, at least in New Jersey -- as well as plan details. Most insurers' websites do, too.]