Thanks to federal subsidies, as many as 6 million people who are uninsured, and another 1 million with individual plans, may qualify for "free" health insurance under the Patient Protection and Affordable Care Act, according to an analysis by the consulting giant McKinsey.

But free, in this case, might not be as cheap as it sounds.

MoneyWatch's Ray Martin, a financial advisor and commentator, ran some numbers the other day and concluded that "free" coverage will likely cost most folks more over time than if they chose to pay a monthly premium.

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