How Much You’d Spend On Healthcare Under New GOP Plan, By Income

How Much You’d Spend On Healthcare Under New GOP Plan, By Income

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by: Jayson Derrick, Benzinga Staff Writer

 

The Affordable Care Act, aka Obamacare, is on its way out and will be replaced with a House GOP bill called the American Health Care Act, which has been dubbed "Trumpcare," "Ryancare" and even "Obamacare Lite." While the final details have yet to be confirmed, Statista is speculating that the new plan will reduce the federal budget deficit by $337 billion over the next decade — but at the expense of millions of Americans.

Statista, citing data from the non-partisan Congressional Budget Office, stated that 24 million people could lose health insurance coverage in nine years. In addition, overall premiums would fall by around 10 percent in 2026 compared to the current law, this statistic varies depending on age and income.

Who Benefits And Loses The Most?

A single person aged 21 and earning $26,500 per year is already paying $1,700 for insurance premiums under the current plan, but under the Republican bill, it could fall to $1,450. However, a 64-year-old person who is paying $1,700 for an insurance premium today (based on 6.4 percent of their annual income) would see this figure soar to $14,600 (55.1 percent of their income) under the Republican plan.

On the other hand, a 64-year-old on a $68,200 annual wage is paying $15,300 (22.4 percent of their annual earnings) and would benefit from the Republican plan, seeing the payment drop to $14,600.

The Numbers

Statista compiled the average projected share of annual income spent on insurance premiums in 2026 under both Obamacare and the Republican plan.

  • 21-year-old single with an annual income of $26,500: 6.4 percent under Obamacare, 5.5 percent under the Republican plan.
  • 40-year-old single person with an annual income of $26,500: 6.4 percent under Obamacare, 9.1 percent under the Republican plan.
  • 64-year-old single person with an annual income of $26,500: 6.4 percent under Obamacare, 55.1 percent under the Republican plan.
  • 21-year-old single with an annual income of $68,200: 7.5 percent under Obamacare, 2.1 percent under the Republican plan.
  • 40-year-old single with an annual income of $68,200: 9.5 percent under Obamacare, 3.5 percent under the Republican plan.
  • 64-year-old single with an annual income of $68,200: 22.4 percent under Obamacare, 21.4 percent under the Republican plan.


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Image Credit: By Office of the Speaker – https://twitter.com/SpeakerRyan, Public Domain, via Wikimedia Commons

 

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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