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On Its 3rd Birthday, Affordable Care Act Not All That Was Promised

03/22/13

  10:18:14 am, by MedBen5   , 274 words,  
Categories: Health Plan Management

On Its 3rd Birthday, Affordable Care Act Not All That Was Promised

On the occasion of the Affordable Care Act turning the big “0-3″, John Merline of Investor’s Business Daily has compiled “10 Disturbing Facts Americans Have Learned” about the health care reform law. We highlight five here – you can read the rest at Investors.com.

Boost insurance costs. Regulators decided to impose a 3.5% surcharge on insurance plans sold through federally run exchanges. There’s also a $63 fee for every person covered by employers. And the law adds a “premium tax” that will require insurers to pay more than $100 billion over the next decade. The congressional Joint Committee on Taxation expects insurers to simply pass this tax onto individuals and small businesses, boosting premiums another 2.5%.

Push millions off employer coverage. In February, the Congressional Budget Office said that 7 million will likely lose their employer coverage thanks to ObamaCare – nearly twice its previous estimate. That number could be as high as 20 million, the CBO says.

Cause premiums to skyrocket. In December, state insurance commissioners warned Obama administration officials that the law’s market regulations would likely cause “rate shocks,” particularly for younger, healthier people forced by ObamaCare to subsidize premiums for those who are older and sicker.

Cost more than promised. The Congressional Budget Office now says ObamaCare’s insurance subsidies will cost $233 billion more over the next decade than it thought last year.

Be a bureaucratic nightmare. Consumers got their first glimpse of life under ObamaCare when the Health and Human Services Department released a draft insurance application form. It runs 21 pages. “Applying for benefits under President Barack Obama’s health care overhaul could be as daunting as doing your taxes,” the Associated Press concluded after reviewing the form.

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