Posts Tagged ‘Obamacare’
Some of the country’s largest insurers are estimating that premiums could increase as much as 400$ under Obamacare. Internal reports from 17 companies, which were priveded to the House Energy and Commerce Committee, the Examiner reported that the estimated increases would be tied to the cost of implementing the new regulations, taxes, fees, and mandates in the healthcare reform law.
And the average increase is expected to be about 100%, but could go as high as 400% according to a report released Monday by the committee laying out the estimates from such companies as Aetna, Blue Cross Blue Shield and the Kaiser Foundation.
On Wednesday, House Republicans pulled their own health care bill from the floor Wednesday after failing to secure enough votes to ensure its passage. This bill offered a lifeline to a main feature of President Obama’s health care overhaul, affordable coverage for people with pre-existing medical conditions but there was opposition from both conservatives and Democrats.
This is a departure from past GOP attempts to kill the legislation. Democrats are against it because it would bail out the struggling program to help those with pre-existing conditions get insurance by raiding a disease prevention provision the administration says is essential.
Now we’ve been saying this all along, that Obamacare was too costly. And Texas has proven that. If you remember, one provision of the law is that pre-existing conditions must be covered. In the state of Texas, $4 billion more is needed to cover the 65,000 people in this category.
In January, the state received and has already spent the $5 billion is was allocated for the coverage.
We tried to tell everyone, that Obamacare wouldn’t work, but in his arrogant way, Obama refused to listen. Now states will soon be asking for more money as they are broke.
A new fight is brewing over health insurance companies letting millions of Americans renew their current coverage for another year — and thereby avoid changes under the federal healthcare law. But this is only a short term benefit for certain consumers and shield some of those individual policyholders from potentially steep rate increases, and critics are saying this maneuver could undermine government efforts to remake the insurance market next year and keep premiums affordable overall.
The cause of the contention is a loophole in Obamacare, that enables health insurers to extend existing policies for nearly all of 2014. This runs contrary to the widespread belief that all health insurance must immediately comply with new federal rules starting Jan. 1, when most provisions of the law take effect.
“Insurers are onto this, and the big question is how many will try to game the system,” said Timothy Stoltzfus Jost, a law professor and health policy expert at Washington and Lee University.
Under Obamacare, insurance companies will have to pay out an average of 32% more for medical claims on individual health policies under President Barack Obama’s overhaul, the nation’s leading group of financial risk analysts has estimated. This will cause premiums for Americans to rise if they are buying individual plans.