The Phaserl


Obamacare Alone is Sucking Away 10% of American Incomes

by J. D. Heyes, Natural News:

Between members of Congress and the general population, the latter are still getting the shaft when it comes to paying for Obamacare, while the former are still getting their premiums subsidized (by the latter).

Maybe now – you financially struggling American – you have a better understanding of why you’re still having trouble making ends meet in this Obama economy.

As cited by Zero Hedge, Obamacare costs are sucking up 10 percent of Americans’ income, on average, mostly due to skyrocketing out-of-pocket costs tied largely to rising deductibles.

“The latest dilemma facing economists is why ‘unequivocally good’ low oil prices haven’t sparked excuberant consumer spending across America,” Zero Hedge’s Tyler Durden writes. “We have discussed the simple (though awkward for the establishment) answer many times – soaring costs for ‘shelter’ and healthcare have hoovered up every penny saved (and more); and now, a new study proves it- exposing the reality that many Obamacare customers pay more than 10 percent of their incomes toward coverage (and some paying considerably more).”

‘You start to get hit pretty hard’

The study, by the Urban Institute, notes:

“The Affordable Care Act (ACA) improved health insurance affordability for many by expanding Medicaid and providing financial assistance for marketplace-based coverage for those with incomes below 400 percent of the federal poverty level (FPL) [*More on this in a moment]. Together with new insurance regulations and a requirement for many to enroll in coverage or pay a penalty, these affordability provisions were intended to substantially reduce the number of uninsured. In recent months, however, an increasing number of voices have drawn attention to high deductibles and out-of-pocket costs and the affordability of marketplace insurance in general. While the ‘right’ or ‘just’ level of health care financial burdens is inherently subjective, financial burdens that are high relative to income can lower enrollment levels and compromise the ability of the ACA to reach its goals.”

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