The Affordable Care Act, also known as Obamacare, has been in the spotlight for quite some time now. Republicans are trying to repeal and replace it with a new law that is better suited for their political agenda; one that will give Americans more freedom of choice. However, this can come at a price. There’s no denying that repealing the ACA would have economic consequences on our economy, both short-term and long-term. In this blog post, we will discuss how repealing Obamacare will affect you financially by exploring three key areas: your wallet (expenses), investments (income), and retirement savings (savings). – Your Wallet: Repealing the ACA would have consequences on how much you pay for your insurance. For example, not being able to purchase a plan with coverage for pre-existing conditions will increase the cost of premiums and deductibles across all plans.
This means that if you’re one of the 20 Million Americans who has a pre-existing condition like diabetes or cancer, you’ll likely face higher costs without Obamacare protections in place. On top of this, as many as 13 million people could lose their employer sponsored health care by 2025 because employers are no longer required to provide affordable healthcare under Republican legislation introduced last year. If they don’t get access to new individual market policies then employees can expect an average annual wage reduction up to $1800 per