The Affordable Healthcare Act is apparently the gift that keeps on giving. A series of new revelations are highlighted by the idea that if you like your current ObamaCare plan you can keep it—but it will likely cost you more, and you may have trouble finding a doctor who will treat you.
A devastating expose by the National Journal reveals that Americans who decide to stick with their current ObamaCare plan “are at risk for some of the biggest premium spikes anywhere in the system. And some people won’t even know their costs went up until they get a bill from the IRS.”
At the heart of this daunting new reality are the taxpayer-financed premium subsidies that Americans receive to offset the true costs of their health insurance. Because of the way the law is written, many Americans will have to switch their plans to maintain their current costs. That in and of itself is a major headache, because it means another visit to the infamous HealthCare.gov website. Healthcare experts already question how many Americans will re-visit that ordeal, especially when the Obama administration has set up an automatic renewal process for one’s current policy.
Yet that current policy may end up costing enrollees considerably more because of changes in the law triggered, ironically, by increased competition among insurers that will bring lower-priced products to the marketplace. Newer plans offered by this competition will change the entire structure of subsidy payments because those subsidies are tied to what is called a “benchmark” insurance plan. As its stands now, lower-income consumers are only required to pay a certain percentage of their total income to acquire health insurance. The rest of the premium is paid by the government subsidy. Those who choose a more expensive policy pay the difference out of their own pocket.