Higher premiums could really kneecap the economic recovery
By Jacqueline Leo, The Fiscal Times | January 1, 2014
Signing up is leaving some with sticker shock.
(Joe Raedle/Getty Images)
ObamaCare has delivered another sucker punch to the middle class. This time it's sticker shock.
Now that most people can get past the tech problems of HealthCare.gov and actually see the real cost of insurance plans available, they are finding that Affordable Care is a big hit to the family budget. And when the family budget gets hit in the solar plexus, guess what happens to consumer spending and the economy?
In California, policies for about 900,000 Californians are being canceled because of ObamaCare's mandates, and about two-thirds of these do not qualify for subsidies, according to The Chicago Tribune. The result: These folks will be paying higher premiums.
In Alabama, premiums have doubled for some middle-class families, like that of Courtney Long, a stay-at-home mother of four. She told WHNT News, "It's devastating. I started crying."
"I mean, we have worked so hard to get out of credit card debt, get ahead on the car loan, transfer our mortgage to a 15- from a 30-year mortgage… and for what?”
In Tennessee, GOP Sen. Lamar Alexander issued an analysis of a White House report and found the following:
- Today, a 27-year-old man in Memphis can buy a plan for as low as $41 a month. On the exchange, the lowest state average is $119 a month — a 190 percent increase.
- Today, a 27-year-old woman in Nashville can also buy a plan for as low as $58 a month. On the exchange, the lowest-priced plan in Nashville is $114 a month — a 97 percent increase. Even with a tax subsidy, that plan is $104 a month, almost twice what she could pay today.
- Today, women in Nashville can choose from 30 insurance plans that cost less than the administration says insurance plans on the exchange will cost, even with the new tax subsidy.
- In Nashville, 105 insurance plans offered today will not be available in the exchange.
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