The problems with the Obamacare website are almost
meaningless. The real issue is that
large numbers of middle-class citizens will not be able to keep their current
health plans and will have to pay more for a plan that meets Affordable Health
Care Act (ACA) requirements (a good Orwellian title). The additional money will upgrade their plans
and pay for the poor and currently un-employed who previously couldn’t afford a
health insurance plan. Over the next
several years, this will be a drag on our struggling economy.
WHITE HOUSE KNEW MILLIONS COULD NOT KEEP PLANS UNDER
OBAMACARE [even though Obama repeatedly promised that they could.] (CNBC)
“Four sources deeply involved in the Affordable Care Act
tell NBC News that 50 to 75 percent of the 14 million consumers who buy their
insurance individually can expect to receive a "cancellation" letter
or the equivalent over the next year because their existing policies don't meet
the standards mandated by the new health care law.”
“One expert predicts that number could reach as high as
80 percent. And all say that many of those forced to buy pricier new policies will
experience ‘sticker shock.’”
“…Those getting
the cancellation letters are often shocked and unhappy….George Schwab, 62, of
North Carolina, said he was "perfectly happy" with his plan from Blue
Cross Blue Shield, which also insured his wife for a $228 monthly premium. But
this past September, he was surprised to receive a letter saying his policy was
no longer available. The "comparable" plan the insurance company
offered him carried a $1,208 monthly premium and a $5,500 deductible.
And the best
option he's found on the exchange so far offered a 415 percent jump in premium,
to $948 a month.
"The
deductible is less," he said, "But the plan doesn't meet my needs. It’s
unaffordable."
"I'm sitting
here looking at this, thinking we ought to just pay the fine and just get
insurance when we're sick," Schwab added. "Everybody's worried about
whether the website works or not, but that's fixable. That's just the tip of
the iceberg. This stuff isn't fixable." Story at…
http://www.cnbc.com/id/101150855
It appears that Mr. Schwab is not alone and he has a good
point. Why buy insurance if you can pay
a small penalty (1% of taxable income), and get insurance later during an
annual open season if you need it for a long-term illness? Only
Politicians could dream up a system like this.
Imagine if you could buy car insurance after an accident.
MORE FROM NEWSMAX
“In particular, middle-class
Californians with individual health coverage are discovering they need policies
that cover more and cost more…As Forbes reports: ‘Over 500,000
individuals have seen their insurance policies canceled in just 3 states.’”
Story at…http://www.newsmax.com/Newsfront/obamacare-california-families-losing/2013/10/28/id/533417
I’ll post my usual market analysis later today.
