NYT: High Obamacare Deductibles Make Mandated Insurance Practically Useless

Remember the Affordable Care Act? The law that was supposed to lower the cost of health care by providing health insurance plans to the masses that were more affordable. That’s what we were promised, but the reality is that millions have seen their formally affordable premiums skyrocket, and now they’re also stuck with deductibles that are hard to swallow.

One man from New Jersey told the New York Times just how worthless his newly mandated plan has become.

“The deductible, $3,000 a year, makes it impossible to actually go to the doctor,” said David R. Reines, 60, of Jefferson Township, N.J., a former hardware salesman with chronic knee pain. “We have insurance, but can’t afford to use it.”

Deductibles in the thousands of dollars are not uncommon. In fact, “in many states, more than half the plans offered for sale through HealthCare.gov, the federal online marketplace, have a deductible of $3,000 or more.” Once you add in several hundred dollars per month for your plan premium, a rate that may or may not be lower than it used to be and add in a $3,000 or more deductible, the average individual could be paying over $5,000 out of pocket in a year before their “affordable” insurance kicks in. This is true for employer sponsored plans as well.

Just this past September, I wrote about the Kaiser Family Foundation study showing deductibles on employer sponsored plans rose by almost 9 percent; increasing nearly $5,000 per insured.

How many American families who need to get insurance via Obamacare have the ability to absorb more than $3,000 or $5,000 into their yearly budget? In this economy, with fairly stagnant wages, and millions of Americans leaving the labor force, it’s doubtful that’s an easy cost to absorb for low income earners or even the middle class.