President Obama’s health legacy is now going to cost consumers an arm and a legacy. The government released a report which says that some insurance premiums (i.e. your monthly payment) will skyrocket next year, which is bad news for Obama since his number one priority was to make healthcare more affordable by the time he left office. Experts are saying this is normal for the transition period. Families are saying tell that to my wallet.
So why is this happening? Well Obamacare works when everyone is signed up to it, but surprise, not everyone has – after all, if you’re young and healthy, why spend hundreds of dollars a month for not using health services? So now insurers are losing a ton of money and either upping their prices or getting out of the system altogether, leaving people with fewer options. The good news is that millions more Americans have health insurance now. The bad news is that Obamacare’s poor diagnosis could mean that it will undergo significant changes once a new president comes to town. It’s not yet clear how that will affect consumers.
So how much will you have to pay next year? Well it depends where you live and if you’re receiving a government subsidy. Subsidies help some people pay their premiums, and they are also going to increase in response to the premium increases. But in the end insurance is still bound to end up being cheaper than a trip to the emergency room. In the meantime Donald Trump is willing to remind anyone who will listen that he will get rid of Obamacare once and for all if elected. And his case is looking pretty convincing thanks to this new report. Maybe you should start writing a get well soon card to Obama.
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