Thirteen percent! That’s the portion of one’s income one might be expected to pay for “affordable” health insurance, according to plans under consideration by Congress. That’s in addition to the 28% one is expected to spend on housing (though many people spend a greater percent) and the about 30% for income taxes and social security taxes.
That leaves a best-case scenario of only 29% of one’s income into which to squeeze daily expenses, credit card bills and loan payments, discretionary spending, and saving for college, emergencies, big ticket items, retirement (the “third leg,” to supplement social security and—if one is lucky—pensions), and medical/health care not covered by insurance.
How is one expected to allocate that?
Jeanette Wolfberg
Mount Kiseo, New York
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