Obamacare is Free -- for Americans with a Spare $34,000
Oct 17, 2013 | 1247 views | 0 0 comments | 22 22 recommendations | email to a friend | print

Obamacare is Free -- for Americans with a Spare $3.4 Million





A GoBankingRates.com study examines the average health insurance premium versus the average savings account rate in each state.

LOS ANGELES, Oct. 15, 2013 /PRNewswire/ -- 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.

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Click here to see a data visualization of average premiums and savings account rates by state.

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.

To see savings account rates in your state, go to: http://bit.ly/193qYel.

"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.

Average Affordable Car Act Premiums - Most and Least Expensive States

 

State

Annual Plan Cost

Savings Account Rate

Deposit Needed

Wyoming

$5,868

0.07

$8,382,857

Alaska

$5,688

0.11

$5,170,909

Mississippi

$4,836

0.15

$3,224,000

U.S Average

$3,720

0.11

$3,381,818

Utah

$2,868

0.12

$2,390,000

Tennessee

$2,820

0.12

$2,350,000

Minnesota

$2,304

0.08

$2,880,000

About This Survey

Savings account data is from the GoBankingRates.com 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.

The lowest-cost, silver-tier monthly premiums under Obamacare are weighted averages by state, based on data released by the HHS in September, published by MarketWatch.com.

To see the full study, go to: http://bit.ly/19MZ3An.

About GoBankingRates.com

GoBankingRates.com (http://www.gobankingrates.com/) is a personal finance website that connects consumers with the best interest rates nationwide. GoBankingRates.com's editors have been featured on several top media outlets such as U.S. News, Yahoo! Finance, Forbes, The Street, Huffington Post and more.

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