Low-Cost Healthcare Plan this Year? Forget about it Next Year...

Millions of Americans who pay out of pocket for their health insurance will face skyrocketing premiums next year.
 
The Kaiser Family Foundation reports that popular low-cost medical plans are expected to rise sharply over the next year. Some of the lowest priced plans will go up anywhere from 11 percent to 26 percent for some areas.

The impact of the changes depends on whether consumers get government subsidies for premiums, or if they are willing to switch healthcare plans to help balance out the increases.

Obamacare provides income-based government subsidies for Americans who purchase individual policies. According to NBC News, approximately 10 million people get help from subsidies.

"People receiving subsidies can protect themselves from premium increases, but others who buy their own coverage don't have that option," Larry Levitt, a leader in the Kaiser Family Foundation, said.

He estimated 5 million to 7 million consumers nationally may be paying full freight.

But individuals who make more than $47,520 and families who make more than $97,200 do not get subsidies. Government assistance is also not offered to anyone who buys health insurance outside of HealthCare.gov.

Many insurers have taken drastic cuts under Obamacare, causing the sharp spike in premium prices. Also, fewer people enrolled in Obamacare than expected, more Americans are sick than expected, and the markets had a hard time stabilizing after the law was introduced.

For example, Blue Cross Blue Shield of Texas expects to see an average estimated premium increase of 60 percent.

Obama leveraged public anger over high premiums to gain support for his new healthcare law. Now, Americans face those same increased prices.