New data shows just how arbitrary premium increases might be for Americans if the GOP plan becomes law.
If you live in Cleveland County, North Carolina, make less than $40,000, and buy your own health insurance, it might be a good time to start saving.
According to a new interactive from the Kaiser Family Foundation, under the Republican plan to repeal and replace Obamacare, the average monthly premium for 40-year-olds making $30,000 in your county will double from $2,480 per year to $5,060 per year by 2020. The change is less dramatic if you happen to be younger, but if you’re closing in on 60 years old, expect an annual increase of about $16,000 dollars total in what you pay for health care.
Instead of raiding your retirement fund, though, you might be able to make out pretty well by just packing up, hopping in the car, and moving a couple miles south to Spartanburg County, South Carolina. There, premiums for 40-year-olds making around $30,000 are expected to diminish from $4,080 to $2,190 under the American Health Care Act. Your premiums will still skyrocket as you approach old age, but not as much as they would have in Cleveland County. If the capriciousness of the health law to which your hypothetical life is now subject hasn’t quite hit you, it might by the time you pay somewhere between a third and half of your overall pre-tax income on health insurance on your 64th birthday—and then almost nothing the next year as you turn 65 and finally reach Medicare.