President Obama says that when the new health insurance purchasing exchanges open on Oct. 1, “You’re going to be able to purchase high-quality health insurance for less than the cost of your cell phone bill.” The question is: is your health worth more or less than your cell phone? It makes sense that you should be willing to pay more for health insurance than your mobile phone - no matter how great your apps are on it. What about the new policies - are they really that affordable? This answer may not be so clear: how much you pay for insurance will depend on where you live, what kind of policy you choose, how old you are, whether you smoke, how many family members you have, and how much you earn. Subsidies shrink as incomes rise and phase out entirely when incomes reach $45,960 for an individual or $94,200 for a family of four. So, how much do you care for Obamacare?
Source: Bloomberg / Businessweek