There has long been a significant debate on the topic of Obamacare, whether it’s fair and right, will it work, and if it would lower or increase costs of healthcare in the US. Now, we’re most of the way through 2016 and the effects of the Affordable Care Act, primarily for the middle-class, continues to be felt throughout the states.
A Tale of Two Health Insurance Programs
Obamacare seems to be another government benefit program designed for the low to moderate-income Americans. The typical enrollee, accounting to about 85%, would have an income averaging to $40,000 for a family of four. Federal subsidies render more affordable premiums and those bordering the poverty line can even get additional subsidies to reduce deductibles that saves them thousands of dollars.
But for the majority of middle class Americans, pricey premiums and deductibles are somewhat impractical, thus keeping health care coverage out of reach. A single person earning over$47,000 or an income of $97,200 for a family of four defines the middle class, who apparently are not getting subsidies and faced with deductibles that are quite hard to possibly afford.
Reportedly, millions of middle-class families have been struggling since 2007 and are already extremely stretched financially. The are forced to increase their overall spending on healthcare of up to 25%, while cutting back on other basic necessities just to cover the difference. However, so many of them are actually living paycheck to paycheck, and simply can’t afford to pay any higher for new policies with astronomical premiums, to no exaggeration.
For the year 2015, a Kaiser study found that 46% of uninsured adults have tried to get coverage. To no surprise, they did not pursue anyway, mainly because it was too expensive. Evidently, more of the financial burden falls on consumers, and the big price spikes for the premiums on the coming year have Obamacare enrollees thinking whether they will be renewing their plans for 2017. Perhaps some might just opt to pay the penalty amounting to $695 per person, or a total of 2.5% of their income, whichever is higher.
The Purpose of Medical Insurance
A vast number of Americans ultimately end up choosing to remain uninsured, rather than be burdened with the added sum to pay annually. This choice may eventually create a potential series of problems when unfortunate events take place.
You can only imagine how a single health emergency can send a family to financial oblivion. If a member of the family gets into an accident, one night in the hospital can easily skyrocket to tens of thousands in medical bills. Isn’t health insurance meant to keep you from sinking in financial ruin, not to drive you in it?
When faced with such situation in Mississippi, the Law Office of David E. Gordon is ready to help clients understand the state and country law, and in what ways a personal injury accident case may be affected. Find out more at David E. Gordonon how lawyers can fight for the right compensation you or loved one deserves. Nothing can be better than being an informed citizen empowered with what you need to know during this trying time.