In order for Americans to be able to cover the cost of coverage through the health insurance exchanges in interest alone, they would have to accumulate more than $33,800 in their savings accounts.
That's according to recent data analysis performed by personal finance website GoBankingRates.com.
After taking into account one of the health plans that the Department of Health and Human Services says is available and affordable through the insurance marketplaces – for example, the average "silver" plan is about $310 per month – the study revealed that Americans would need to deposit $33,818 in their savings to pay for coverage through interest. This is assuming the annual percentage yield is 0.11 percent, which is the current U.S. average.
Casey Bond, managing editor of the Los Angeles-based financial information online resource, indicated that while the ACA may make healthcare more available for people who don't have employee benefits, it's not necessarily cheaper for more Americans.
"These numbers show us that the Affordable Care Act has done more to ensure Americans are covered by health insurance, not necessarily that they can afford it," said Bond.
He added that financial regulators need to make it easier for consumers to save, so that what they put into their savings accounts will accrue interest. That way, they can more easily pay for premiums.
in the meantime, HHS maintains that the ACA will save consumers from having to spend a substantial amount on the cost of insurance. President Barack Obama told voters in May 2008 that the average family would save $2,500 on their health premiums because of the healthcare overhaul. Recent analysis by the Kaiser Family Foundation and Society of Actuaries suggest otherwise.
