Can I afford ObamaCare?
There has been a serious buzz about Obama care costs. The big question in everyone’s mind at the moment is can I afford Obamacare? The simple answer to this is yes! The main reason why this bill is being introduced is to actually make health care more affordable for every American.
Explained: How can I afford ObamaCare?
It is impossible to answer the question, can I afford Obamacare, without explaining the financial implications of the act both to the individuals and to the business owner. The bill is estimated to cost a whooping $1 trillion dollars in the first 10 years. This may sound like an economic crunch which is what most Americans are afraid of and the real reason people are asking can I afford Obamacare?
Can I afford Obamacare in 10 years?
Though the costs may be at $1 trillion, the expenditures for every year as the costs run are expected to be slashed by about $200 billion. This means that the same national deficit will be offset easily and after 10 years will have been cleared. The plan is then self sufficient keeping the average American form experiencing the backlash that would have come with the costs. It is estimated that the costs of the Obamacare solution will be about $4500 to $5800 per individual. This will of course be determined by the age and residency of the individual.
Can I afford Obama care?: The answer may be in your tax return
The health care level known as ‘bronze’ will cost the individual about 9.5% of the income. The higher levels which will be exposed to those that are way above the federal poverty line will be silver, Gold and platinum.
People that are way below the Federal poverty line will be easily able to afford the insurance. This means that they will be expected to pay about 2% of their income to the care. All Americans will be expected to buy insurance form private insurance companies that are regulated by this law. Those that opt not to buy insurance will need to pay the penalties or will have to be under Medicare. Medicare will have also cut down its costs reinvesting the amount into its care programs.
The family will be able to cut down its costs when it comes to medical care exponentially. The answer to the question that still lingers on, can I afford Obamacare, remains a solid yes for all the Americans.
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