Monday, June 13, 2016

Pay More For Less

If you like your health care, you're going to pay a lot more for it:
President Barack Obama’s health law provides income-based subsidies for consumers who buy individual policies on HealthCare.gov and state insurance markets. About 10 million people get assistance, helping reduce the uninsured rate to a historically low 9 percent.

But there’s no subsidy for those making more than $47,520 for an individual and $97,200 for a family of four – cutoffs that represent four times the federal poverty level. Also, subsidies are not available for consumers at any income level who purchase outside of HealthCare.gov or a state marketplace. Those who remain uninsured risk fines.

Premiums are expected to climb next year in many areas because major insurers have taken significant financial losses under the health law. Enrollment has been lower than anticipated, new customers were sicker than expected and a government system to stabilize the markets had problems.

“People receiving subsidies can protect themselves from premium increases, but others who buy their own coverage don’t have that option,” said Larry Levitt, who tracks the health law for the nonpartisan Kaiser Family Foundation. He estimated 5 million to 7 million consumers nationally may be paying full freight.
It's the load that'll kill you...

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