When Justices Kill Affordable Care Act, Retirees will pay $20,000 more on average. It's not a tax increase though...

It was pretty obvious from the start, when we saw every overtly partisan conservative AG jump on the bandwagon to declare the Affordable Care Act unconstitutional, they knew they had a sure thing and their activist justices would side with them.

That said, when it's overturned, it will be like a shock wave spreading across the country. Rates will climb, more people will become uninsured and those who do get coverage will blow any discretionary income on premiums. The economy will slow down. And that will mean more cuts in spending...etc. Oh, and guess what, the Republican will "try" to come up with an alternative, but won't be able to agree on one. 

Back to the headline:

Bloomberg: Retirees may pay about $20,000 more for medical care if the U.S. Supreme Court overturns the 2010 health care overhaul, Fidelity Investments said.

Passage of the health law saved money for seniors who among other benefits gained additional coverage for prescription drugs, The cost of losing those benefits, should the court overturn the law, would be about $20,000, “Seniors would have a much greater financial burden,” said Ron Pollack, executive director of Families USA, “They would not receive preventive care services for free, and seniors with chronic health conditions would have a much larger cost for purchasing prescription drugs.”

A 65-year-old couple retiring this year will spend $240,000 out-of-pocket for care before their deaths, after accounting for Medicare coverage, Fidelity said in an annual estimate released today. That’s an increase of $10,000 from last year and includes premiums and co-payments under Medicare and supplementary coverage called Medigap, the Boston-based mutual-fund manager said.