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Cheapest ObamaCare Plan for Family of 5 Will Cost 30% of Household Income

Posted By Daniel Greenfield On February 1, 2013 @ 10:50 am In The Point | 21 Comments


Based on census figures [2], median household income for a family of 5 is $58,754. That number has been declining during the Obama Recession. And there’s little relief in sight [3].

A final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.

Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.

The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.

Bronze will be the lowest tier health-insurance plan available under Obamacare–after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.

This does not tell the full story as household disposable income is around $27,000.

The Congressional Budget Office had estimated the cost of [4] a Bronze plan at between $12,000 and $12,500 a year. That does not appear to be the case.

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URLs in this post:

[1] Image: http://frontpagemag.com/2013/dgreenfield/cheapest-obamacare-plan-for-family-of-5-will-cost-30-of-household-income/obamacareregulationcost/

[2] census figures: http://www.census.gov/hhes/www/income/data/statemedian/

[3] here’s little relief in sight: http://cnsnews.com/news/article/irs-cheapest-obamacare-plan-will-be-20000-family

[4] had estimated the cost of: http://www.forbes.com/sites/gracemarieturner/2012/07/24/how-much-is-the-obamacare-mandate-going-to-cost-you/

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