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Obamacare: Fantasy vs. Reality

Obamacare: Fantasy vs. Reality

The Obamacare plans that will be available to you are set to come out next week. The Obama Administration is trying to make it sound like a good deal. That is, if you can get through all of the choices.

Houstonians will have no less than 46 plans to choose from. Confusing? Elana Marks of Rice University doesn't think so.

“It depends on how the pages look in the exchange and what choices you make on the front end. You may not even look at all 46 plans,” Marks told KTRH.

Marks says you shouldn’t be intimidated by the mountain of information that’s coming.

“The plans are broken down into five categories. The catastrophic plan is only available to those people under 30. There’s also Bronze, Silver, Gold and Platinum,” Marks explained.

So, you've chosen your plan. What does the government say you'll pay? Marks says it all depends on the credits you are eligible for. But it could be fairly cheap.

“It comes with federal subsidies that are based on income. If you are below 400% of the poverty level you get tax credits. If your family is entitled to credits they could be applied to any of the plans that you choose. If you choose a $200 a month plan you are going to pay fifty dollars,” Marks stated.

That's of course what the government says. Yevgeniy Feyman of the Manhattan Institute for Policy Research says the Administration isn't telling you the whole story.

“They used weighted average of premiums based on eligible uninsured they predict to be in various states and areas,” Feyman told KTRH. “What we’re seeing aren’t the actual pure premiums. They’re making assumptions.”

So, that family of four paying around 50 bucks a month for health care is few and far between. If you don't qualify for subsidies, you'll pay through the nose.

“The family of four that we’ve see would be paying at least $700 bucks for their coverage.

And Feyman says even if you do qualify for subsidies you won’t be getting much of a break.

“If you’re at twice the poverty line you are still getting something but that might be five or ten dollars. Just because you are getting subsidies doesn’t make the plan cheap,” Feyman explained.

You can figure out how much your premium on the various Obamacare calculators that are online. And we're not even talking about co pays and deductibles. A new report says some plans have deductibles of over $2500.

 

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