The US has declared that there will be an increase of almost 25 percent in the Insurance Plan. This step is surely going to affect the consumers as they will find only a fewer companies offering coverage. However, the administration under Obama said that 3/4th of the customers would be able to find proper plans for them which will be less than $100 per month if they take the help of federal subsidies.
On Nov 1st, the first looks of the options were released, and it clarified that the people without insurance are going to face tax penalties which can be from $700 per person or more. The options mentioned by the government will surely be a talk in most of the political conversations as the elections dates are coming closer. The only hope is that the next president should make adjustments in the option which both the parties Donald J. Trump and Hillary Clinton have promised.
Reports say that there will be an increase of almost 25 percent in the premium when compared with 2015. Due to this a major part of the insurance industry has pulled them out from the public market. If statistics are to be believed, then only one in five customers will find one insurer with the mentioned offerings the following year. For example, if a person who is 28 years old will have to pay around $302 as a monthly premium. For normal families, it will be difficult to pay this much premium for such kind f insurance. Officials have confirmed that the people should lower their cost by finding income-based subsidies which are in the kind of tax credits and by changing to a less expensive plan. Different plans have different cost and also cover different hospitals, doctors, and drugs. The administration said that they expect an average hike of 11.4 million next year.