Not only will your insurance premiums go up under Obamacare, but if your earnings are under $80,000/year, typically a younger demographic, your cost will be much higher. Tax the rich shifts to tax the young.
The other effect, which is the whole point of a single-payer health care system, is that the government will own you. You will no longer be allowed to make your own health care decisions including where and how you want to spend your money for it.
These increases will stem from the bill’s provisions that bar insurance companies from raising rates on sick people and from excluding people based on pre-existing conditions. Both of these mandates will mean higher costs for the younger and healthier population. This bill is, in effect, a tax on the young.
Nor will subsidies do much to mitigate the impact. To get a subsidy under the bill you have to earn less than about $80,000 a year (combined household income) and have spent between 2 and 10 percent of your income on premiums.
So a couple making a combined income of $40,000 would have to pay about 5% of their income: $2,000 before they could get subsidies. Those making $60,000 would have to pay about 8% of their income — $4800 – before they could get a subsidy. And those making $80,000 would have to chip in 10% of their income — $8,000 – before they would get a subsidy.
