The average silver plan health insurance rates under the Affordable Care Act, released by the Department of Health and Human Services (HHS), is $310 per month. To reveal Obamacare’s shortcomings in making healthcare affordable, the average national and state-by-state premiums with savings account rates is appended in the infographic below.
The study concluded a national average savings rate of 0.11% APY means Americans would have to deposit $3,381,818 in a savings account to save enough interest to cover annual healthcare costs.
The numbers are evident that while the Affordable Care Act ensures Americans are covered by health insurance, it does not indicate if they are well able to afford it. The U.S economy still lacks a stable job market and a source of safe, consistent earnings on savings. In that sense, if the Obama administration would like to see more Americans with the financial means to buy insurance and remain healthy, it 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.
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