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Obamacare To Increase Health Insurance Rates By Over 140% In California

 

MAY 31, 2013 5:58PM PST

(Numbers from CBO, The Economist, Cal. Dept. of Health)

ObamaCare’s supporters promised that rates would stay the same, or even drop, once it was implemented. Back in 2009, Harry Reid, who powered ObamaCare through the Senate, promised that “We’re not going to add a dime to the deficit; in fact, quite the opposite.” The wonders of ObamaCare would be such that “we’ll cut the problems we have with money around here by as much as three quarters of a trillion dollars.” Reid was a bit off in his numbers. As a sign of things to come, California, which is the first state to implement the ObamaCare health insurance exchange, will be hit by rate increases as great as 146%.

Peter Lee, executive director for Covered California, California’s new health insurance exchange, proudly boasted last week that Californians’ health insurance rates would go down, not up. “These rates are way below the worst-case gloom-and-doom scenarios we have heard.” This was a peculiar statement for him to make given that the information Lee himself released showed that ObamaCare will increase individual insurance premiums between 64 and 146%.

This state-level increase is in line with the Congressional Budget Office’s admission that ObamaCare’s costs to the federal budget alone will also increase by at least 100% over promised estimates. After all, the federal government is spending $150 million solely to teach people how to sign up for the darned thing.

One of the main problems with ObamaCare is the number of regulations, including the government’s insistence that people must buy overstuffed, one-size-fits-all policies, covering such things as fertility treatments for elderly insureds. This goes a long way to explain the fact that the ObamaCare regulations, which are still being written, already total more than 10,000 pages.

Before ObamaCare came along, California health insurers were already laboring under as many as 1,500 regulations in California, which is one of the reasons Californians who transplanted to Texas discovered that they could get the insurance they wanted for as much as 60% less than they were paying in California. Add the new ObamaCare regulations (as well as the cost of computer systems and thousands of diagnostic codes) to the existing state regulations and suddenly, when it comes to premiums, the sky’s the limit.

Things will get worse in January 2014, when ObamaCare gets fully implemented. Democrats phased in the legislation so that the worst of it would hit only after the 2012 election. Now that Obama is firmly ensconced in the White House for another four years, and the Democrats still control the Senate, it’s time for the government to go a little crazy with your money.

Although many people enthusiastically echoed Lee’s optimistic forecast without actually looking at the numbers, Avik Roy, writing at Forbes, actually did an analysis of the numbers underlying Covered California and discovered that Lee’s triumphalism arose because he was comparing apples to oranges: The apples are the current rates in the state’s existing competitive private insurance market and the oranges are the tightly regulated employer group plans. As Roy explains:

If you’re a 25 year old male non-smoker, buying insurance for yourself, the cheapest plan on Obamacare’s exchanges is the catastrophic plan, which costs an average of $184 a month. (By “average,” I mean the median monthly premium across California’s 19 insurance rating regions.)

The next cheapest plan, the “bronze” comprehensive plan, costs $205 a month. But in 2013, on eHealthInsurance.com (NASDAQ:EHTH), the median cost of the five cheapest plans was only $92.

In other words, for the typical 25-year-old male non-smoking Californian, Obamacare will drive premiums up by between 100 and 123 percent.

It gets even worse if you’re a healthy over-30. Even if you want to buy catastrophic insurance, which once was cheap, but is no longer, ObamaCare bars you from doing so. Instead, the best you can buy is the “bronze plan” which, for a male non-smoker, runs an average of $261 per month. In the previous unregulated market, the cheapest plans for a healthy over-40 averaged $121 per month. That means healthy over-40s will see a 116% rate increase.

There are also regional differences, with over-40s in the larger San Francisco Bay Area and those in, and south of, San Diego bearing the brunt of these rate increases. The problem is compounded by the fact that only thirteen carriers are participating in the insurance exchange. Less competition means higher prices.

Roy notes the irony that, back in 2010, Obama attacked insurers for significantly smaller rate increases (coming in at about 30-40%). At that time, Health and Human Services Secretary Kathleen Sebelius (the one who is trying to shake down insurers to get them to pay to implement ObamaCare) professed that she was shocked – shocked! – by the rate increases:

These extraordinary increases are up to 15 times faster than inflation and threaten to make health care unaffordable for hundreds of thousands of Californians, many of whom are already struggling to make ends meet in a difficult economy. [Anthem’s] strong financial position makes these rate increases even more difficult to understand.

To date, both Covered California officials and the Obama administration have not commented about the staggering cost increases coming in ObamaCare’s wake. Nor have they commented upon the fact that insurers are leaving California, so that residents will find themselves paying more for fewer choices. Pretty soon, we’ll all be Californians. And just to give you one more thing to worry about, remember that the IRS is in charge of ObamaCare – with the gal who oversaw audits against conservatives in charge of the IRS’s ObamaCare division...

Who TREATS YOU, DEPENDING ON YOUR PARTY AFFILIATION/ POLITICAL BELIEFS...

But even for Far-left Democrats, they're STILL IN TROUBLE....UNLESS YOU HAVE A WAIVER!......

Which Obama gave out over 1,200, to his Biggest Contributors and friends.....

But WHY would he have to give out ALL THOSE "Get Out of Jail Free Cards", to Unions, Bundlers, Far-Left friends, for a Plan that he thought was SO GOOD, that is his "crowning achievement", Hmmmmmmmmmmmmmmmmm?

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California motorists drive over 140 mph!!!

 

An unmanned speed detector recorded a motorist going 146 miles per hour early this morning at 3:12am. This is proof that all Californians routinely travel at speeds above 140 mph.

 

(this is how Cons like their "news" fed to them. Try it...it's fun!)

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