Families USA (FUSA) has just come out with a series of reports to answer that age old question that has been on everyone’s mind since the words “Affordable Care Act” were first uttered: How much money is this actually going to save me?
According to FUSA, the average New Yorker will be better off by about $1,160 by the time the ACA is fully implemented in 2019. This will vary by income though, with greater savings for those at lower incomes. For example, people earning less than $30,000 will likely be better off by about $2,500, whereas those earning between $30,000 and $50,000 will see savings of around $1,600.
People who currently have insurance will see an average savings of $775 per year on their health insurance premiums. Those who don’t currently have insurance will get an average of $2,400 to help them buy good health insurance.
In terms of co-pays, or out-of-pocket costs, the average New Yorker will spend $198 less out of pocket after full implementation of the ACA.
FUSA’s analysis of the impact of the ACA on family budgets in New York shows that people really stand to gain direct financial relief from the new law. But, again this can only happen if the law is fully implemented in New York. We’re still waiting on our state legislators to pass a decent bill to establish a health insurance Exchange here in our state, so, if you see any of them be sure to remind them of that. Maybe pass along a copy of the new FUSA report…