According to a new report, health insurance premiums will shoot up 74% for the Average American under the health care bill being served up by the Republican Senate. Older customers will be hit even harder with some paying twice as much for plans comparable to what they currently have.
The nonpartisan group Kaiser Family Foundation analyzed the costs for individual market plans that cover 70% of medical costs — what most Obamacare plans cover — and factored in insurance prices and subsidies under the Republican bill.
Mitch McConnel’s health bill encourages customers to purchase plans with high deductibles, reduces subsidies for lower-income Americas, and allows insurers to charge older people more.
These changes would result in plans varying dramatically due to age and income, with low-income and older persons suffering the most.
People between 55 and 64 would see an increase of 115$ on average, which is more than double the Obama care prices. Low-income Americans who make less than $24,000 a year would receive an increase of 177$, versus only 57% for people that bring in more money.
Younger and higher income Americans will see less sweeping changes in their insurance premiums.
Customers who have the disadvantage of being bother older and low-income will see premiums go up 294%, an increase of almost fourfold.
The Senior Vice President for Special Initiatives at Kaiser Family Foundation, Larry Levitt, weighed in on the drastic situation.
“Faced with premiums almost quadrupling, many of these low-income adults would tend to either go without coverage entirely because it’s unaffordable or gravitate towards a plan with lower premiums and higher deductibles.”
The Congressional Budget Office even admits this bill is going to be disastrous for Americans. Their own analysis concluded that premiums will most likely be too high for low-income Americans to purchase coverage, causing millions more to be stranded without insurance than under the current health care law.
Photo by Drew Angerer/Getty Images