How much will Obama care cost the normal working person?

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  1. Silverspeeder profile image61
    Silverspeederposted 5 years ago

    How much will Obama care cost the normal working person?

    I am interested in how much Obama care will actually cost the normal working person. As a UK resident we have no choice over what it costs us as our NHS is paid for directly out of the taxes collected by the government. Approx £1980 a year.

  2. M. T. Dremer profile image92
    M. T. Dremerposted 5 years ago

    From what I understand, the amount you pay is based on your income. So, if you can only afford to pay 10% of your income to get health insurance, you will only pay 10% and anything over that amount will be paid by the government. What those numbers end up as will vary from person to person, but the hope is that, with everyone in the system, general costs will come down. This is due to young healthy people balancing the older, less healthy people. How it will actually end up remains to be seen, especially with the shutdown gumming up the works.

  3. LandmarkWealth profile image78
    LandmarkWealthposted 5 years ago

    The cost projections at this point are largely irrelevant because the gov’t is never close to accurate in estimating costs.   Consider yesterday it was revealed that just the website to sign up for “Obamacare” was projected to costs about 94 million dollars.  In fact the actual cost is at 634 million and counting.  And the site doesn’t even work.  Facebook cost less to start. Can you imagine if you were starting a new venture for your employer and came in 6 times over budget.  Just being 20% over would probably get you fired.  This would be funny if it wasn’t our money. This is nothing unusual when it comes to gov’t projections.  They virtually always use static modeling in their projections, rather that dynamic models that can account for various possibilities and prepare you for a multitude of outcomes.
    The actual costs of policy premiums make assumptions about young people subsidizing the cost of others by signing up for plans in large numbers.  Considering the elimination of preexisting conditions in all scenarios now, this is unlikely to happen in my view.  If I could insure my home after it burned down and still be covered, then why would I want to pay for the policy in advance.   So this no longer meets the definition of insurance.  Once the insurance companies have a better handle on the demographics of those enrolled, the real premiums will be determined.  The true cost is not necessarily in the premium paid.  It will be in the subsidies and the regulatory/compliance burden.  This amounts to a massive entitlement that is being added into a Federal budget that already has existing unsustainable entitlements.  Any further strain in the budget will eventually impact all of us in terms of the economic growth, price stability, interest rates and various other unintended consequences.  And most of the economic pain will fall on those at the bottom of the economic spectrum.   

    In 1965 Medicare part A was projected to cost 9 billion dollars by the year 1990.  The actual cost of Part A in 1990 was closer to 67 billion, more than 7 time more.  Just a small error.  Today we pay for this in many ways that most people don’t even realize.   Historically the CBO can do a fairly decent job in giving a historical projection of what something had cost.  But any report that projects a future cost from the CBO or virtually any gov’t agency is little more than good kindling for the fireplace.

    1. Silverspeeder profile image61
      Silverspeederposted 5 years agoin reply to this

      Thanks for your answer, I now see what all the debate is about.

  4. cloverleaffarm profile image75
    cloverleaffarmposted 5 years ago

    It will cost an increase of about 20-40 more in taxes all around. FREE is never free.
    The cost will be lost jobs, or layoffs, as employers do not want to pay the required costs of having a full time employee. This will also cost hundreds of jobs NOT created, because the company refuses to pay.
    It will also cost many full time jobs.
    This in turn will cost more people to seek welfare, which will drain that system.
    It will cost many people to lose their way of life.
    It will cost many to lose their homes, as their hours were cut, their taxes are higher, and their paychecks are smaller. They can no longer afford to feed or clothe their family.
    All this adds up to losing the "American Dream"...

  5. Billie Kelpin profile image85
    Billie Kelpinposted 5 years ago

    Silverspeeder,  I believe no one knows the answer to this question.  It's a cost/benefit equation.  It will have to play out.  We here in the States need a little trust that it will actually prove to be a great plan and trust that if it isn't, we'll change it. All projects in the world are accompanied with trepidation. When our ancestors crossed the pond to come to America, they had no idea of what they would find, they came anyway. We didn't know what would happen when we shot people into space, we did it anyway.  We couldn't imagine how the US would function without slavery or how life would be without water fountains labeled "black" and "white," but we fought for those causes anyway. We couldn't imagine what a "no smoking" restaurant would be like, but we went ahead and printed the signs. We couldn't foresee how businesses be would able to accommodate persons with special needs with ramps, and Sign Language interpreters, and other means of accessibility.  We gave it a go.  And through it all we tweaked it until we got it right.  The intent of the Affordable Care Act is simply that - an attempt to make heath care affordable.   How much something costs or its affordability depends on our values in society.  We'll get back to you in about a year.  How's that?


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