Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
WASHINGTON, June 23 -- Rep. Mac Thornberry, R-Texas (13th CD), issued the following news release:
Newly-released data shows that people in the 13th congressional district are facing steep increases in their individual healthcare premiums.
A nationwide study released last week estimates that in our area, men of all ages face significant cost hikes for health insurance - some as high as 95 percent - with young men facing the steepest increases. On average, young men are paying 74 percent more for their health insurance this year than last year.
In fact, a 27-year-old male in Randall county is paying 85 percent more for his individual policy in 2014 than he paid in 2013, while in Gray county, he will face an 84 percent increase. In Wichita county, he will pay 73 percent more, and in Cooke county, 68 percent. Not one county had an average increase lower than 54 percent.
Locally, women also face increased costs. On average, women in their mid-twenties are paying 28 percent more for their health insurance in 2014 than in the previous year.
"The bottom line is Obamacare has failed to make good on its promise to decrease healthcare costs for everyone," says Rep. Mac Thornberry. "Instead, it's done the opposite, leaving Americans with higher costs and fewer choices. This report is the latest evidence that the law is a failure and a complete mess. And that is why the House continues working to repeal, dismantle, and defund it."
The report analyzed the county by county cost of Obamacare based on age and gender. According to the report, Obamacare increased the cost of 2014 individual healthcare premiums by 49 percent nationally.
Across Texas, Obamacare has caused healthcare costs to skyrocket, especially for young men (see chart below). For the average 27-year-old male, premiums increased by 79 percent where costs increased by 29 percent for women of the same age. Statistically, men in their twenties and thirties have the least healthcare needs of all demographics. Yet, regardless of the need, they are forced to pay the same amount for coverage - essentially higher fees for less service.
To view how Obamacare affects a specific county, click here (http://www.manhattan-institute.org/knowyourrates/).