Is Obamacare Free? The Cost Of Health Insurance Is Soaring Under Affordable Care Act
President Donald Trump had made it clear many times before entering office that he, along with other Republicans, would dismantle the Affordable Care Act (ACA) in part because of growing insurance costs. Now that he is in the White House, Republicans have already begun repealing the health care law and crafting a replacement while working on Trump’s other campaign promises.
In an interview with ABC News' David Muir Wednesday night, Trump said the Affordable Care Act, also known as Obamacare, was a “disaster.” "It's too expensive," Trump told Muir. "It's horrible healthcare. It doesn't cover what you have to cover. It's a disaster. You know it and I know it."
The president stressed that he wanted "good coverage at much less cost" and "a much better healthcare plan at much less money." Trump noted states like Arizona and Minnesota were seeing large increases in premiums under the ACA in 2017. For example, Arizona is up 145 percent from $207 to $507 per month and Minnesota is up 55 percent from $235 to $366 per month for a 40-year-old non-smoker. Residents in Tennessee and Oklahoma are also expected to see an increase of 50 percent in 2017. As a whole, premiums are projected to increase 25 percent this year, across the 39 states that are currently covered by the federally-run HealthCare.gov.
More than 11.5 million Americans had signed up for Obamacare plans nationally as of December. More than 80 percent of them got some kind of government subsidy to offset the cost. Insurers have said costs are going up because of lower-than-projected enrollment. It's unclear how or if Republicans will repeal Obamacare or replace it.
A recent analysis from HealthPocket calculated what an average American earning $48,000 annually is expected to pay each month if that person purchases an average silver plan in 2017. It is one of the most popular plans among consumers who receive premium subsidies on state-run health insurance exchanges. The cost amounts to:
- Average silver plan premium for 30-year old: $364.91
- Average silver plan premium for 40-year-old: $410.73
- Average silver plan premium for 50-year old: $574.10
- Average silver plan premium for 60-year-old: $872.01
In all, the average premium nationwide for 2017 silver plans is 17 percent higher than the year before.
The average Obamacare premium wasn’t always so high. In 2015, it cost $374 per month, while the average subsidy amounted to $268 per month, according to the Department of Health and Human Services.
Below is an updated calculator with 2017 premiums from the Kaiser Family Foundation. You can find out whether you qualify for subsidized insurance coverage or Medicaid. With this calculator, you have to enter your ZIP code, income, age and family size to get subsidy estimates and how much you could spend on health insurance. Please note that eligibility requirements may vary by state.
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