This is even before deductibles and out of pocket expenses, not to mention the other costs to the American taxpayer
(CNS News) In a final regulationissued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.
Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.
The IRS’s assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.
The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.
“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.
The bronze plan will be the most basic plan offered under O-care. In all fairness, the average cost of health care for a family of 4, per a survey early in 2012, was a bit over $20k, but, that did include all the costs for actual care, medicines, co-pays, etc.
Most of the premiums are being paid by employers, leaving costs to families at $12,144. Some states (mostly Blue ones) have much higher costs. I guess that’s really not fairness, because the O-care plan cost doesn’t include families actually using the most basic insurance plan per the IRS.
“Most people are insulated from the true cost of health care,” Weltz said. (from the “average cost” link)
Fortunately under ObamaCare people will know just what they’re paying, as more and more companies drop their coverage.