Here's What Obamacare Could Cost You After the Subsidies Ruling
- CH Smith
- Jul 23, 2014 12:28 PM EDT
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While the fight against Obamacare wages on, it looks like only 14 states will be safe from any increase in health insurance premiums under the Affordable Care Act.
That average increase will affect places like Louisiana, Wyoming and Alaska the most. While places like New York, California, and Oregon will share the lowest possible increase with a cut in subsidies, should the ruling stick.
Here's what will happen: "Since 36 states allowed the federal government to set up and operate their exchanges, that's a lot of people -- and a lot of money that would be taken away if the ruling in Halbig v. Burwell is upheld," explains the Huffington Post.
"More than 5.4 million people purchased health insurance on a federally run exchange in those states during the first Obamacare enrollment period. Tax credits are available to people earning up to 400 percent of the federal poverty level -- or $45,960 for a single person this year -- and 86 percent of federal exchange enrollees received this financial assistance," says HuffPo.
"On average, these tax credits are worth $264 a month, which amounts to a 76 percent discount off full price for these consumers. Take that money away, and a lot of those folks will wind up uninsured," according to the article.
Although a different view of the ruling will free millions of people from having mandates on health insurance, there is a chance that it will get overruled in further appeals.
As Forbes.com reports, "First, a victory for the Halbig plaintiffs would not increase anyone's premiums. What it would do is prevent the IRS from shifting the burden of those premiums from enrollees to taxpayers. Premiums for federal-Exchange enrollees would not rise, but those enrollees would face the full cost of their "ObamaCare" plans."
Whatever the outcome, the government has assured that there will be no premium hike while this is being sorted out in appeals court.
If you live among these states, this is how much more you will pay for health insurance if two judges make their ruling:
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