Obamacare, Who’s Going to Pay for It?
June 26, 2014 4 Comments
As of March 31, according to the Obama administration, 8 million people signed up for private insurance in the Health Insurance Marketplace, exceeding its target of 7 million. After all the lies and scandals coming from the White House who would believe that number?
In fact, the 8 million figure is overstated because it counted people who weren’t actually covered because they hadn’t paid their premiums, which Blue Cross, analysts and the government agree is in the 15 percent to 20 percent range.
The actual number of Obamacare enrollees as of March 31 was likely between 6.4 million and 6.8 million even while about 38 million uninsured are eligible for Obamacare
Estimates of how many marketplace enrollees were previously uninsured range from about one-third to more than half, depending on the survey and the methods used.
A recent Kaiser Family Foundation survey found that 43 percent of those who purchased insurance through the marketplace already had insurance. They were shifted into the exchanges because of changes caused by Obamacare.
So fewer than 4 million newly insured shouldn’t be considered a victory for the Obama administration.
The rel victory for the Obama administration? According to CMS estimates Medicaid will get 8.6 million new enrollees in 2014, thanks to Obamacare. Twenty-six states have expanded Medicaid, but if all did, spending by states would increase 26 percent—or $952 billion—from 2013 to 2022. Who is going to pay for it?!
On the one hand, the CBO concluded that lower-than-expected Marketplace premiums and other recent developments will cut $104 billion from our deficit over the next 10 years.” What they neglect to mention is that the coverage expansions in the ACA are still estimated to increase federal spending by $1.383 trillion over this same period.
While 4 million uninsured and 8.6 million new Medicaid recipients now have healthcare, the cost to taxpayers to insure them is staggering for consumers, who will pay 4 to 16% more for insurance in 2015. In addition taxpayers will foot the 1.4 trillion dollar cost for Obamacare over the next 10 years and undoubtedly the reinsured, the millions who got booted off their policies even though they liked the policies they had for ones that they like less—that often cost more.