Photo of a bar graph highlighting the increases to premiums for young people under Obamacare
According to a GAO report and an IBD analysis, the cheapest Obamacare bronze plan in eight states is 122% higher than the cheapest plan currently available in those states.
In Ohio, for example, the least expensive bronze plan for a 25-year old will cost three times more than the cheapest plan in Ohio today. In Virginia, it’s 252% higher. Maryland’s least expensive plan will be 83% higher.
Subsidies are available for some but a young worker making $20,000 in Maryland will still pay about $1000 for the cheapest Obamacare plan, which is $278 more than the least expensive plan offered in Maryland today.
If not enough young people sign up (and why would they?), premium rates will rise exponentially. If young people take the cheaper route – a small fine – the insurance pool will have older and sicker clients. The premiums will skyrocket.
Read about the insanity at Investors.