ObamaCare will cost most of us between 3% and 9.5% of our income. Although some Americans with get a government subsidy to help pay the costs of ObamaCare, most of us who pay for health insurance currently, will see our insurance premiums double or triple over the next 1-3 years. To calculate your actual costs, click on the ObamaCare Cost Calculator.
A typical family of four with two wage earners making a combined income of $95,000 will be required to pay an annual insurance premium of $9869 ($822 per month) for the Silver Plan (the next to cheapest plan of the 4 choices) even if they never use the plan all year. If you use the plan, you will be charged a coinsurance fee of 30% of all your medical bills up to as much as $12,700 per year in addition to your annual annual premium of $9869.
ObamaCare will simply costs too much and provide too little and leaves too few options and no genuinely healthy alternatives. It is paid for through collected taxes, penalties, spending cuts and “reforms” to the health care industry that may bankrupt our nation, kill personalized care, cut innovation, ration life extending devices and services and destroy our freedom to choose our own physician or type of healthcare coverage.
The greatest cost of ObamaCare will be “reforms,” which will be the loss of individualized and personalized health care. The worst of the current Insurance practices will get worse as doctors will be required to follow the restricted protocols approved by the non-medical bureaucrats that will decide what lab tests, medicines, devices and treatments are medically necessary and covered under ObamaCare. You will be paying for more and getting less, waiting longer and never seeing the same doctor twice. The only “preventive” services you will get will be vaccines, mammograms, and colonoscopies. All of which include deadly toxins, cancer causing radiation and /or risk of death.
The costs of ObamaCare are too great. Please take URGENT ACTION today to sign the Petition to Defund ObamaCare and tell your Senators to Vote to Defund It!
When the Affordable Care Act, known as ObamaCare, was first introduced to Congress and the American people, President Obama said “the plan I’m proposing will cost around $900 billion over 10 years.” But with the law’s requirement to buy Insurance set to kick in January 1, 2014, a new analysis by the Congressional Budget Office projects that the law will cost double that, or $1.8 trillion. And who is paying for this massive new insurance plan: you and me through new taxes that were not called taxes until after the law was passed.
If this was your kitchen you were remodeling and the cost was estimated to be $9 Billion dollars, which you really didn’t have in the first place, but you decided to go ahead with it anyway, then as the date to start construction came around, the estimate was revised to be $1.8 Trillion dollars, would you go ahead and remodel anyway? Would you remodel even it it meant the new kitchen, although more expensive, would be poorer in quality and smaller? Would you go ahead with the remodel even if meant that you could go bankrupt if you did and lose your whole house? How can you pay for it without borrowing the money and going deeper in debt, or stealing the money from someone else? This is exactly what some in our government are doing.
ObamaCare will have a massive impact on health care costs, both the tangible material costs as well as the intangible costs in the quantity and quality of the health care that will soon be available to each of us, or should I say unavailable. Just ask our neighbors from Canada, who already have Socialized Health Care. Many come here to be able to choose better doctors or more advanced services. Many come across the border to the U.S. to avoid the long waits for services, or because they have been denied coverage for many procedures that have been readily available to us in the past that are not commonly available to them, like knee or hip replacements.
ObamaCare Cost Calculator
To calculate your actual costs, click on ObamaCare Cost Calculator below from the Kaiser Foundation to get an idea of the estimated cost of ObamaCare for you and your family after subsidies. (Please note that this is a basic estimate for the cost of a “Silver plan” (the second tier plan out of four, as opposed to the lowest cost “Bronze plan” on the Exchange).
Although the cost of ObamaCare will likely be double or triple whatever you are currently paying, my greatest concern about ObamaCare is that in order to control health care costs, government bureaucrats will soon take over the decision-making process of determining what services are medically necessary and which services will be covered under the law.
ObamaCare is certain to become like the U.S. Postal Service instead of UPS or Federal Express. The US government has not proven it can provide higher quality and better mail service, so why would anyone think it can provide higher quality or better health care. As the government takes over health care, it will create a huge new bureaucracy to regulate it and control costs at the expense of better care.
Lets Talk Dollars and Sense?
In order to help pay for the cost of Obamacare businesses and families will be required to pay an additional new 0.9% Tax on taxable income and 3.8% capital gains exceeding $200k / $250k.
ObamaCare also costs $716 billion which is taken from the Medicare fund and given to Medicaid recipients.
There is also a $63 dollar fee on insurance plans that covers high-risk pools for pre-existing conditions. (This fee decreases every month until 2017)
Most of the other funding for ObamaCare comes from taxes on the healthcare industry including a tax on companies who manufacturer non-generic drugs and some medical device manufacturers. Read the complete list of ObamaCare taxes and their costs.
The Affordable Care Act defines insurance that costs 8% of a family’s income to be “affordable.” You may likely think otherwise. The average family’s costs are projected to be between 3% and 9.5% due to ObamaCare. The less money you and your family make the smaller percentage of your income you will have to pay due to subsidies offered through the Health Insurance Marketplace.
If you choose not to purchase insurance (but are above the poverty level) there is a Tax of 1% of your Adjusted Gross Income in 2014, it rises to a 2.5% tax in 2016 and adjusts for inflation thereafter.
Types of Plans Offered under ObamaCare
The cost of ObamaCare plans depends upon the quality of plan you choose to purchase. The least expensive plan, the Bronze plan, covers 60% of out of pocket health care costs (which means that you pay the premium plus 40% of all your medical bills) and offers only basic coverage. Other options include “Silver” (30% Co-pay), “Gold” (20% Co-pay) and “Platinum” (10% Co-pay) level plans. Each plan is progressively more expensive to pay for the lower Co-pay, but provides progressively better benefits. High-end plans also carry a 40% excise tax which helps pay for the program.
What’s not listed in the table above is the category of individuals and families who make more than 400% of the federal poverty level (FPL). If your annual income is more than $46,000 as an individual, $63,000 per couple, or $95,000 per family of 4, annually, you will not receive any Subsidy and there is no cap to your premium.
Exactly What Will ObamaCare Cost You?
Example 1:
The information below is about subsidized exchange coverage. Note that subsidies are only available for people purchasing coverage on their own in the exchange (not through an employer).
Household income in 2014:
399% of poverty level
Unsubsidized annual health insurance premium in 2014:
$11,786
Maximum % of income you have to pay for the non-tobacco premium:
9.5%
Amount you pay for the premium:
$8,930 per year or $744 per month (which equals 9.5% of your household income)
You could receive a government tax credit subsidy of up to:
$2,856 (which is a 24% savings)
Example 2:
Example 2 Explanation:
Make a little too much money under ObamaCare and you are given no Subsidy at all. Although the income in this example is merely $1000 more than Example 1, it is more than 4 times the poverty level, therefore you would not qualify for subsidized exchange coverage. The information below is about unsubsidized exchange coverage.
Household income in 2014:
403% of poverty level
Unsubsidized annual health insurance premium in 2014:
$9,869
Maximum % of income you have to pay for the non-tobacco premium:
No Cap
Amount you pay for the premium:
$9,869 per year $822 per month
(which equals 10.39% of your household income and covers 100% of the overall premium)
You could receive a government tax credit subsidy of:
$0
BRONZE PLAN
The premium and subsidy amounts above are based on a Silver plan. You have the option to apply the subsidy toward the purchase of other levels of coverage, such as a Gold plan (which would be more comprehensive) or a Bronze plan (which would be less comprehensive).
For example, you could enroll in a Bronze plan for about $6,913 per year (which is 7.35% of your household income, after taking into account $2,856 in subsidies). For most people, the Bronze plan represents the minimum level of coverage required under health reform. Although you would pay less in premiums by enrolling in a Bronze plan, you will face higher out-of-pocket costs than if you enrolled in a Silver plan.
OUT OF POCKET COSTS
Your out-of-pocket maximum for a Silver plan (not including the premium) can be no more than $12,700. Whether you reach this maximum level will depend on the amount of health care services you use.
You are guaranteed access to a Silver plan with an actuarial value of 70%. This means that for all enrollees in a typical population, the plan will pay for 70% of expenses in total for covered benefits, with enrollees responsible for the remaining 30%. If you choose to enroll in a Bronze plan, the actuarial value will be 60%, meaning your out-of-pocket costs when you use services will likely be higher. Regardless of which level of coverage you choose, deductibles and copayments will vary from plan to plan, and out-of-pocket costs will depend on your health care expenses. Preventive services will be covered with no cost sharing required.
Here are some quick bullet points on the cost of ObamaCare:
• ObamaCare is slang for our new health care law the Affordable Care Act or ACA for short. The law doesn’t sell health insurance, it just creates a marketplace for Americans to buy regulated, subsidized private insurance.
• Everyone has to obtain health insurance by January 1st, 2014 or pay a fine, called a “Shared Responsibility Fee.”
• If you don’t have coverage, you can use the new Health Insurance Marketplace to buy a private insurance plan.
• Some Americans will qualify for lower costs on monthly premiums and out-of-pocket costs through the marketplace.
• Government subsidized cost assistance will be given to is based on income.
• Most young people and low-income Americans can get free or very low cost quality health insurance through the marketplace.
• You can only get cost assistance from the Health Insurance Marketplace!
• The average American will pay between 3% – 9.5% of their income on insurance after cost assistance.
• Insurance costing 8% of your income is considered affordable insurance for individuals. 9.5% is considered affordable for job based insurance.
• If you cannot find affordable insurance, after cost assistance, you may be exempt from the fee.
• ObamaCare says health insurance companies can price your insurance based on location, age, weight and smoking status, but not on health status or gender.
What Can You Do to Stop ObamaCare?
Please click on the Don’t Fund It link above and sign the Petition to Defund ObamaCare and then email and call your Senators to tell them to
Defund ObamaCare.
(Your Senators’ contact information is listed on the link above)