As soon as next year, the Republican plan would allow insurers to begin charging older individuals much more than younger individuals. Insurers are prohibited today from charging the older person more than three times as much as the youngest, but the Republican plan would allow them to charge five times as much. Advertisement Continue reading the main storyFor people like Alan Lipsky, a self-employed consultant in Arden, N.C., the Republican plan could have a huge financial impact. His family’s total annual tax credit of $25,164 would be reduced to $11,500 under the new plan, covering less than half of the total cost of his current coverage. Subsidies are now pegged to the cost of a plan within a specific market, but the tax credits in the Republican plan are the same whether you live in Alaska or Minnesota.

Source: New York Times March 08, 2017 02:15 UTC