IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family
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Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.
The IRS’s assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.
The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.
“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says. Read more from this story HERE.
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Two-Thirds of Americans Don’t Know If They Will Insure Under Obamacare
By Dan Mangan. There’s no assurance folks will be buying insurance under Obamacare, and that could spell trouble for the Affordable Care Act.
Nearly two-thirds of Americans who currently lack health insurance don’t know yet if they will purchase that coverage by the Jan. 1 deadline set by the ACA, a new survey revealed Monday.
And less than half of those in the survey released by InsuranceQuotes.com think they’ll get better health care after Obamacare takes full effect. Nearly 50 percent believe the ACA will make it more difficult for them to get tests and procedures done in a timely manner, according to the phone survey of 1,001 adult Americans conducted in early May.
And a whopping 68 percent of low-income Americans aren’t sure they qualify for tax credits that would subsidize their purchase of health insurance—despite they fact that they almost invariably will qualify, the survey found. That population is most likely to benefit from government subsidies under the health-care reform law.
Laura Adams, senior insurance analyst at InsuranceQuotes.com, said public uncertainty about Obamacare—particularly a lack of commitment to signing up—could end up driving up health-insurance costs under the program because not enough healthy people will participate to offset benefits payouts. Read more from this story HERE.
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ObamaCare Bait and Switch: The truth about those rate increases in Oregon and California
By The Wall Street Journal. Liberals have spent years claiming that “rate shock” under the Affordable Care Act—the 20% to 30% average spike in insurance premiums that every independent analyst projects—is merely the political imagination of Republicans and the insurance industry. So they immediately claimed victory when California reported last month that the plans that will be available on the state’s new insurance exchange next year would be cheaper than they are today.
Except now it emerges that California goosed the data to make it appear as if ObamaCare won’t send costs aloft as the law’s regulations and mandates kick in. It will, by a lot. And now liberals have suddenly switched to arguing that, sure, insurance will be more expensive but the new costs are justified. Needless to say that was not how Democrats sold health-care reform.
California reported that the rates would range from 2% above to 29% below the current market. “This is a home run for consumers in every region of California,” said Peter Lee, the director of the state exchange. “These rates are way below the worst-case gloom-and-doom scenarios we have heard.”
But Mr. Lee and his fellow regulators were making a false comparison. They weren’t looking at California’s lightly regulated individual insurance market that functions surprisingly well. They were comparing ObamaCare insurance to the state’s current small-business market where regulations similar to ObamaCare have already been imposed.
In other words, California wasn’t comparing apples to apples. It wasn’t even comparing apples to oranges. It was comparing apples to ostriches. Read more from this story HERE.
