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Canary in the Obamacare Coal Mine


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Despite What the White House Says, Obamacare Is Deeply Troubled

 

Open enrollment on Obamacare’s health insurance exchanges is in full swing. Consumers in most states, including the 33 that use the federally operated HealthCare.gov, have until Jan. 15 to sign up for coverage for 2022.

 

The Biden administration says things have never been better, and that premiums are declining, more insurers are participating in the markets, and enrollment is at an all-time high.

 

Dig a little deeper, and Obamacare’s troubles become evident. Premiums are ticking down only after rising for years. Much of the coverage on offer confines enrollees to narrow networks of covered doctors and hospitals. And enrollment is up largely because the government is picking up a major share of most beneficiaries’ premiums.

 

Rather than fix these problems, the Biden administration wants to obfuscate them—by lavishing even more taxpayer money on the exchanges.

 

Premiums have retreated slightly over the past three years. Yet the average monthly individual exchange premium nationwide doubled between 2013 and 2019—and tripled in five states.

 

Many enrollees haven’t noticed because taxpayers are covering a significant share of their premiums. Nearly 90% of the exchanges’ 10.7 million enrollees received federal subsidies in 2020.:snip:

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  • 3 months later...

Anybody watching what Obamacare's costs have been doing lately?

This wouldn't exactly be news to anyone who has to buy Obamacare health care insurance...

But for perspective, here's the latest on the 2010 government health care takeover that had been so vaunted in the press as Your-Government-Here-To-Help:

 

The average family health insurance premium in the US has more than tripled since the "affordable" care act was signed into law back in 2010.

 

The biggest beneficiaries: health insurers.

 

United Health Group (the largest US insurer) is up 1,750% vs. a 389% gain for the S&P 500.

 

Tripled? We've got 7.9% inflation at last count, so this 'tripling,' even over the course of 12 years, with compounding increments, tops that. 

So much for President Obama's claim that his signature health care bill would cut insurance costs and everyone would be so grateful and happy.:snip:

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  • 2 weeks later...

Three million to lose Obamacare in 2023 if Democrats don't extend subsidies

Over 3 million people will lose health coverage if Congress allows enhanced subsidies for insurance on the Obamacare exchanges to expire later this year, a key item of unfinished business for Democrats at risk of losing their majorities in November.

Democrats have sought, but so far failed, to extend temporary tax credits that were implemented in President Joe Biden's pandemic relief plan for premiums on health plans purchased on the Obamacare exchanges. If the additional subsidies expire, 3.1 million Americans will no longer have insurance, according to a new report from the Urban Institute.:snip:

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Joe Biden, Who Dodged Obamacare Taxes, Now Proposes Expanding Obamacare

 

Joe Biden’s willingness to expend billions of dollars on unilateral changes to Obamacare contrasts with his personal behavior regarding the law.

 

For all his claims of fiscal responsibility, President Biden has a funny way of showing it. His administration just proposed legally questionable regulations that would increase deficit spending by tens of billions of dollars.

Why did he drive up the deficit, as well as inflation, on this particular occasion? To prop up a law, Obamacare, that Biden went out of his way to avoid funding out of his own pocket.:snip:

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  • 1 month later...

Worries about coming ObamaCare premium spikes intensify

Democrats are growing increasingly concerned that a spike in ObamaCare premiums could hit this fall right before the midterm elections.  

The party is already facing major headwinds from inflation and President Biden’s lagging approval ratings, and a health care premium spike would add a major blow. 

The American Rescue Plan signed by President Biden last year temporarily increased financial assistance under ObamaCare, but that increase is set to expire at the end of this year, causing an increase in premiums for enrollees in the health law unless Congress acts.  

Notices about the premium increases would be sent out shortly before the midterm elections, adding political pain for Democrats in addition to the higher premiums for consumers.  

“Right before the election, people would get notices of big premium increases, and that will certainly not reflect well on Democrats,” said Larry Levitt, a health policy expert at the Kaiser Family Foundation. :snip:

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