How Obamacare may strain family budgets
Many people will feel the financial burden, with an average per-person cost of at least $2,988 and tax credits limited to fewer than half of buyers.
Updated 7:40 p.m. ET.
For many Americans, Obamacare will be a test of their budgets and their tolerance for the health care overhaul.
That's because buying insurance through the health care exchanges will cost individuals "at least $2,988 a year on average" per person, Bloomberg notes.
While that price will be discounted for some people through tax credits, fewer than half of people buying coverage will qualify, according to an August analysis from the Kaiser Family Foundation.
The costs of the Affordable Care Act remain a sore point for Republicans and other conservatives, who point to the law as potentially hurting businesses and workers' wages and are threatening to shut down the federal government as part of their battle to defund the legislation.
Obamacare may lead to a test of the U.S. economy, according to a white paper from Express Employment Professionals. Some companies are cutting employee hours to avoid paying for health insurance, for instance, although the evidence is mostly anecdotal.
But for some individuals, Obamacare's cost may mean a strain on their budgets.
A two-parent, two-child family with annual income of $100,000 won't receive a government tax credit, for example, according to the Kaiser Family Foundation's subsidy calculator. That family's unsubsidized annual health insurance premium would amount to $8,290 per year, based on the midlevel "silver plan."
As the health care exchanges open on Oct. 1 for enrollment, the plans' affordability may make or break the overhaul. If people lack health insurance on Jan. 1, the government will levy a $95 per-year fine. That may prompt some consumers to gamble against coverage.
As Monness Crespi Hardt & Co. insurance analyst Brian Wright told Bloomberg, Obamacare's success "will depend on the changes that are made over the next couple of years to address the affordability issue."
Follow Aimee Picchi on Twitter at @aimeepicchi.
Obamacare = derailment
Family Budget hurt
Employment goes part time to avoid health care
Employees still get penalized for no health care
I hope every lazy MFer in this country sends me a thank you note for subsidizing their worthless lifestyles.
barry and congress can go **** themselves. fine me. then go **** yourselves again.
We know Obamacare is the biggest boondoggle in the history of the country. And here we have the debt ceiling debate before us. It is so wonderful that we know how our wonderful President stands on this issue. Read on folks.
The fact that we are here today to debate raising Americas debt. Limit is a sign of leadership failure. It is a sign that the US Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from the foreign countries to finance out government’s fiscal policies.
And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees: robbing our familes and out children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.
Every dollar we pay in interest is a dollar that is not going to investment in Americas priorities. Instead, interest payments are a significant tax on all Americans. A debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce national debt by returning to responsible fiscal policies.
Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
I therefore intend to oppose the effort to increase America’a debt limit.
Sen. Barack Hussein Obama, Jr. (Senate speech March 16, 2006)
We ought to be so proud to have a individual with such honesty and integrity in the White House. Says what he means, means what he says.
Ops, said the Obama sheeple! We thought we all be get it for free cause Obama go to tax the evil rich Republicans (not the good rich Democrats) to pay for ours.
If it sounds to good to be true, it is. Heard that one deer in the headlight liberals?
Where does the subsity money come from? Oh well. It's not another tax but you can get tax credit.
Our plan gives anyone 65 years, or older, a gun (G) and 4 bullets. You are allowed to shoot four Politicians.
Of course, this means you'll be sent to prison, where you will receive three meals a day, a roof over your head, central heating and air conditioning and all the health care you need.
Need new teeth? No problem. Need glasses? That's great. Need a new hip, knees, kidney, lungs or heart? They're all covered.
As an added bonus, your kids can come and visit you at least as often as they do now.
And who will be paying for all of this? The same government that just told you they can't afford for you to go into a home.
And, you can get rid of 4 useless politicians while you're at it.
Plus, because you are a prisoner, you don't have to pay any income taxes anymore. Is this a great country or what?
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[BRIEFING.COM] The stock market welcomed the new trading week with a mixed session that saw relative strength among large-cap stocks, while high-beta names underperformed. The Dow Jones Industrial Average (+0.3%) and S&P 500 (-0.1%) finished near their flat lines, while the Nasdaq Composite and Russell 2000 both lost 1.1%.
Equities began the day on a cautious note amid continued concerns regarding the strength of the global economy. Over the weekend, China reported its first decline ... More
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