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By Catholic Online (NEWS CONSORTIUM)

5/14/2013 (2 years ago)

Catholic Online (www.catholic.org)

Seventeen insurers project increases of $1,800 to $3,700.

There's new evidence out today that the Affordable Care Act will be anything but. According to 17 major insurance companies, premiums are already rising by 100 to 400 percent. Employers can expect their share to go up by about 50 to 100 percent.

Obamacare will hurt the piggy bank more than Obama, who is himself exempt from his own law.

Obamacare will hurt the piggy bank more than Obama, who is himself exempt from his own law.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/14/2013 (2 years ago)

Published in Politics & Policy

Keywords: Obamacare, costs, insurance, taxes, increases, report, study


LOS ANGELES, CA (Catholic Online) - The figures come from aggregated internal cost assessments from 17 major insurers including Aetna, Blue Cross, Blue Shield, and Kaiser, among others, made to the government. According to each company, they expect costs to double or even quadruple within the next eight months.

There are two key reasons behind the increase. First, people will have wider access to more services, meaning more people will consume more healthcare than they did before. The second is that unhealthy people will be enrolling in healthcare because it is mandated they must do so and that insurance companies must accept them.

Although Obama promised the plan would lower costs by adding more payers into the system and subsidizing care, it will do no such thing. Instead, it will make healthcare more expensive for everybody because there is no way to control costs directly.

Of course direct cost controls would destroy incentives to produce and would lead to chronic shortages.

The market is in a no-win situation, at least as far as consumers are concerned.

However, profits will continue to rise for top industry executives and manufacturers of drugs and equipment.

For the average American, the report suggests costs will at least double. With the average citizen paying $1,900 per year for health insurance, that cost is expected to rise by another $1,800, making the total annual expenditure around $3,700 per person.

One of the worst parts about Obamacare is that it will only raise taxes on those least able to pay them. The poor will not be able to pay these inflated rates. They will find it cheaper to pay the Obamacare penalty tax than to purchase insurance.

For many poor, employment won't offer a path to insurance either. Many minimum wage workers can expect to see cuts in hours to prevent Obamacare mandates from compelling their employers to pay for insurance.

Instead of covering the millions of uninsured and making healthcare affordable, Obamacare has simply created new regulations, new taxes, and profited industry executives.

Read the report here.

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