ObamaCare Will Cost The Most In Wyoming
Of all the states in the union, Wyoming (and Alaska) will be hit with the highest rates once ObamaCare comes into play. The average cost for the most economic coverage plan (see also: cheapest) in Wyoming averages about $425. However the same coverage plan in Minnesota is only $144. Why such a drastic difference?
There are many factors that weigh in on the average price plan per state. Things like age, family size, tobacco use and income, as well as your actual geographic location can effect the rates. The average nationwide price of basic coverage is $249, but that also doesn't include in tax credits an individual may be eligible for. The Obama administration has stated theses average prices may not reflect what most consumers will actually pay, as more than half of the uninsured will be eligible for federal subsidies that would reduce the cost of coverage to less than $100 per month. So what does all that mean for Wyomingites?
Well, if you fall into the category of the roughly 80 percent of Americans who already have health insurance through an employer or you're enrolled in a government program like Medicare, the answer is: probably nothing. Lynn Quincy, a senior policy analyst at Consumers Union in Washington who specializes in health care issues stated:
"If you have employer coverage now, do not worry. If you're on Medicare now, please don't worry".
People who don't currently have health insurance will have to pay $95 dollars or 1 percent of their annual income, whichever is higher. That amount will rise each year until it hits $695 or 2.5 percent by 2016. Of course even this mandate has numerous exemptions, including for financial hardship. The thing to remember is most company health plans already meet the health care reform law's standards for benefits and affordability, as do government health programs like Medicare, Medicaid and military benefits.
Many are still confused and with the plan rolling out October 1st, the media hasn't it made it much easier. For more comprehensive information, click here to enter the official U.S. Department of Commerce website.