What are the costs of Obama care?
It has become apparent that costs of Obama care are on every American’s mind. The issue was met with a lot of speculation which is the reason why a lot of explaining into the whole idea was needed. The costs of Obama care to the individual and the family are probably one of the best things that happened to the health industry in America. Obama care will be paid for through taxes, penalties and a few reforms that are being done in the insurance and health sector to make it possible.
The blunt of the whole overhaul will cost the nation $1 trillion in a span of the next 10 years. This may sound like a nightmare to the Americans who raise the question of the costs of Obama care. The amazing thing about these costs is that the deficit caused by the punch into the economy is offset by the savings that will be made in the sector. This accounts for $200 billion every year for the 10 years.
The costs of Obama Care to the individual
The big question however is how much it will cost the individual no matter the level of income at the end of the day. The health care bill will be handled at different levels when it comes to individuals. This will solely depend on the amount of income the individual is earning at the end of the day. The levels will also depend on the age limits, the health status of the individual at a particular point and insurance company. Those that will chose not to apply for the insurance cover will have the trouble of having to deal with penalties that will come with the bill. This will amount to about $2000 to $3000 unless one is covered by Medicare. The private institutions will still be the main insurance providers but will be governed by the Obama care laws.
Costs of Obama Care per level
The ‘Bronze’ level will cost about $4500 to $5800. This will be the lowest form of coverage and will involve the basics. The higher levels will be Silver, Gold and Platinum. Estimating that the bronze level will cover about 60% of the entire health costs, the silver will cover 60%, the gold will cover 80% and the highest level being platinum will cover 90%. The costs to the individuals will also be affected by the Federal poverty line. People at 113% of this line will pay about 2% of their income to the insurer while those at 300% and above will pay 9.5% of their income to the same.
The costs of Obama care for the whole family are ideal and quite affordable reducing the overall health care crunch in the market today. Get your own quote today!