Price Hike: Obamacare Expected To Go Up
Obama won't be leaving Obamacare with a bang.
The Short of It:
President Barack Obama is out of the White House in 12 weeks, but the law linked to his name will be shaking up politicians for quite a bit longer.
The Longer Version of It:
The U.S. government revealed on Monday that Obamacare premiums (i.e. monthly payments) for certain health insurance plans will spring up by next year, according to a report. Not the greatest news for President Obama, whose agenda to make healthcare more affordable was at the top of his White House to-do list.
A Little Background:
Big insurance companies like Aetna and UnitedHealth are backing out of Obamacare after losing millions of dollars with the healthcare plan. Mostly because in order for Obamacare to work, the number of sick people needs to balanced out by the same number of healthy people so that insurers can afford to pay for treatments.
How it effects you:
First, it depends. The new report says prices across the country could see a rise in prices that goes up by double digits. Some states might see prices more than double, while other states could experience a drop. However, the report does suggest that that subsidies – money from the government to help pay premiums – will see a price hike as well.
Obama's signature law, is looking a bit like a dud just months before he makes his great exit. The upside: More Americans are covered with health insurance than ever before.