Obamacare Is Free If You Have $34,000

Health insurance rates under the Affordable Care Act, released by the Department of Health and Human Services (HHS), show the average silver plan is $310 per month.

To reveal Obamacare’s shortcomings in making healthcare affordable, GoBankingRates.com compared average national and state-by-state premiums with savings account rates.

The study – released today, Oct. 15 – concluded a national average savings rate of 0.11% APY means Americans would have to deposit $33,818 in a savings account to save enough interest to cover annual healthcare costs.

[ Also Read: With Government Shutdown, Obamacare Battleground: Wikipedia ]

Savings account data is from the GoBankingRates interest rate database, which, in partnership with Informa Research Services, Inc., aggregates interest rates from more than 4,000 banks and credit unions. Rates are correct as of Oct. 10, 2013, based on a $10,000 deposit, according to GoBankingRates.

Obamacare
Obamacare

“These numbers show us that the Affordable Care Act has done more to ensure Americans are covered by health insurance, not necessarily that they can afford it. The U.S economy still lacks a stable job market and a source of safe, consistent earnings on savings,” said Casey Bond, GoBankingRates.com managing editor.

“If the Obama administration would like to see more Americans with the financial means to buy insurance and remain healthy, it first needs to address the root of the problem — not the cost of health care, but the absence of opportunity to build wealth in the first place,” she added.

GoBankingRates.com is a personal finance website. To see savings account rates in your state, go to: http://bit.ly/193qYel.

RMN News

Rakesh Raman