Is Your Paycheck Suffering From Obamacare Symptoms?
Despite what its name may imply, the Affordable Care Act is not leading to lower costs for many Americans. In fact, nearly half of Americans in the workforce say more money is being drawn from their paychecks each month for health insurance than a year ago.
The shift in healthcare costs from employers to workers is hitting paychecks. According to a new survey from Bankrate.com, 47 percent of those with employer-sponsored plans say their monthly premiums have increased, and 44 percent report their deductibles, copays, and other out-of-pocket expenses have also risen. Making matters worse, 19 percent have seen their choice of doctors decrease, and 7 percent have lost coverage for their spouse or children.
More from Wall St. Cheat Sheet: Self-Insurance: Business Savior or Obamacare Nightmare?
“Since so much of the Obamacare conversation has focused on uninsured Americans and the government-run exchanges, it’s easy to forget most Americans — about 150 million — get their health insurance from an employer,” explained Bankrate.com insurance analyst Doug Whiteman. “People covered under these plans should watch for changes and discuss with their employers how Obamacare may affect their coverage and costs. In some cases, getting insurance through the health exchanges could be more cost effective, so it is important to research all possibilities.”
Who feels the most pain from Obamacare? Bankrate finds that upper-middle-income (annual household income between $50,000 and $74,999) Americans with employer-based health insurance are the most likely to report higher premiums and out-of-pocket costs. Forty-seven percent say the new healthcare law has a negative effect on their health insurance.
More from Wall St. Cheat Sheet: Obamacare Public Perception Prognosis: It’s Not Boredom
Overall, 48 percent of Americans want to repeal Obamacare and only 38 percent want to keep it. When Bankrate last surveyed Americans in September, 46 percent of respondents wanted to scrap Obamacare and 46 percent wanted to keep it. Political party association is a major factor, as 81 percent of Republicans would like to repeal Obamacare. In comparison, only 19 percent of Democrats and 53 percent of Independents would do the same.
More From Wall St. Cheat Sheet:
