How Much You Will Really Pay For Obamacare
Source: money.cnn.com | Re-Post KSS Insurance 11/7/2016 –
For some consumers, Obamacare’s skyrocketing insurance premiums will soon morph from a political mess to a pocketbook crisis.
As enrollment begins Tuesday, the impact of an average 22% rise in benchmark plan prices will vary wildly depending on where you live. While Obamacare plans on some state exchanges will have modest price increases, others will have staggering hikes.
The premium for the benchmark plan is more than doubling in Arizona, to an average of $422 a month for a 27-year-old enrollee. In Oklahoma, it’s increasing 69% to $424. Monthly premiums range from a low of $219 in New Hampshire and Massachusetts to $760 in Alaska.
Yet most Obamacare participants won’t feel the full price hike or anything near it. Nationally, 85% of those enrolled receive a tax credit, which is based on the price of the second-lowest cost silver plan and an enrollee’s income. These subsidies put a limit on how much you have to pay.
