The IRS issued regulations last week announcing that the cheapest insurance plan under Obamacare will cost a family of five $20,000 per year by 2016. That estimate is based on choosing the plan offering the least benefits, the bronze plan. Government employees with their heavily subsidized healthcare and those who haven't been able to afford health insurance the last few years are in for a rude awakening when they realize how much health insurance for the private sector has increased over the last few years, especially due to Obamacare. Low-income Americans making barely over minimum wage are bitterly discovering how much their premiums are increasing.
Many people voted for Obama because they thought Obamacare would give them free healthcare. Obama told voters in 2008 that they would not be required to pay for healthcare if they could not afford it, “If, in fact, we are not making healthcare affordable enough, which is what’s happening right now, and you mandate on families to buy health insurance that they can’t afford and if they don’t buy it you fine them or in some other way take money for them.” He promised that healthcare would not be purchased without tax increases on middle class families. He claimed that Obamacare would actually reduce premiums by 14% to 20%.
Instead, premiums are continuing to increase under Obama. Over the past few years healthcare premiums for insurance through employers increased a whopping 600% more than wages. The implementation of Obamacare began in 2010, after Obama signed it into law in March 2010. In 2011, average healthcare premiums jumped up 9% to $15,073 per person annually, with employers generally paying two-thirds of that and workers responsible for one-third. This translates to about $400 monthly the average person must now pay out of pocket.