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ObamaCare Need to be Repealed and Replaced

Posted on May 17, 2017 in  BlogGeneral Blurps

Why Obama Care Need to be Repealed and Replaced

i. Premiums and How they have Increased

Many ObamaCare clients will be paying more for less this year (Mangan, 2017). New reports show that plan premiums, deductibles and other out of pocket insurance costs have increased significantly, regardless of the fact that health providers covered by plans continue to decrease. The silver plan premiums have increased by 12% from $496 per month in the last year, to $554 per month this year (Mangan, 2017).

In Florida, the average rate increase for 2017 is higher than what had been initially requested by the exchange carriers. In 2015, 93% of Florida exchange enrollees received a subsidy (Norris, 2017). The aggregate pre-subsidy premium was $376 in a month, while the average after the subsidy was $82 in a month. In 2016, more than 93% of Florida's enrollees received a subsidy, even though the aggregate pre-subsidy premium went up by 10% to reach $386 in a month, the average subsidy premium was $84. For 2017, the average subsidy premium stands at $442 in a month, and the average after-subsidy premiums are $118 in a month (Norris, 2017).

The average premium for a 27-year-old in Georgia is $273/month. This is a 15% increase from 2016; subsidies in the State are larger too. The average full price premium in Georgia exchange is $431 (Norris, 2017). Eighty-seven percent of the enrollees are receiving premium subsidies; the average after-subsidy premiums are $122/month. Four of the nine carriers that were offering exchanges in the State have already exited the exchange; they include; United Healthcare, Cigna, Aetna and Harken (Norris, 2017).

Hawaii has only two carriers offering individual health plans. Both carriers provide coverage using exchanges (Norris, 2017). The two carriers have come up with average rate increases for 2017; the Hawaii Medical Association is at 35 percent, and the Kaiser Foundation health plan is at 25.9 percent. At the beginning of 2017, 80% of Hawaii exchange enrollees were receiving premium subsidies (Norris, 2017). The subsidies are made to keep pace with the rate increase, which affects the second lowest cost silver plan. The average benchmark premiums in Hawaii are 35% more expensive in 2017 compared to 2016. The average unsubsidized premiums in Hawaii's exchange are $477 in a month.

In Idaho, the average individual market premium increased by 24% for the year 2017 (Norris, 2017). This is not inclusive of subsidies. 88% of Idaho?s enrollees are already receiving subsidies. In 2015 to 2016, the average benchmark plan for a non-smoker increased from $210 in a month to $273 in a month (Norris, 2017). In Illinois, the average full price premiums stand at $517 per month. However, 79% of the enrollees are getting subsidies. The subsidies bring their average after-subsidy premiums down to $230/month. The average Illinois subsidy is $287 per month. This amount is 24% higher compared to the average $231 per month subsidy in 2016 (Norris, 2017).

ii. Why ObamaCare is Hurting America

a. U.S Citizens are finding it Hard to Keep their Jobs

ObamaCare has made it hard for many people to maintain their jobs (Doescher & Wolfensohn, 2016). Because of ObamaCare, many employers have been forced to cut back on hiring and work hours. Many businesses have been compelled to buy expensive insurance packages at the risk of receiving very substantial penalties (Doescher & Wolfensohn, 2016). To avoid this kind of scenario, employers are passing the costs to their workers, by cutting working hours, wages and withholding other benefits. All these acts have an adverse impact on the country's economic performance (Doescher & Wolfensohn, 2016).

b. Increase in National Debt

In 2015, ObamaCare had a net cost of $1.207 trillion, which was supposed to go for ten years (Doescher & Wolfensohn, 2016). In the next seventy-five years, the health policy will have an additional of 17trillion in unfunded liabilities. Currently, America debts stand at $19trillion (Doescher & Wolfensohn, 2016). The high debt and need to finance ObamaCare will translate into higher taxes, which will burden the already burdened citizens.

c. Higher Deductibles

Americans did not forecast that after spending thousands of dollars a year for health insurance, families would have to spend additional dollars on medical care before benefiting from the insurance (Roth, 2016). Today, many Americans get sticker shock. Even though the New York Times has supported ObamaCare for long, the periodical recently propounded that many Americans cannot afford to use the health insurance they have purchased as a result of deductibles (Roth, 2016).

d. Higher Premiums

President Obama propounded that the Affordable Care Act would bring down the yearly insurance premiums for the average American families (Roth, 2016). However, reports by the Kaiser Family Foundation and the Health Research and Educational Trust discovered that since 2008, the aggregate employer, family premiums have been rising (Roth, 2016). For example, from 2015 to 2016, the family silver; a significant exchange family plan, increased by 10%. The increase in premiums has affected many people who are already burdened with many commitments. Americans are now forced to work multiple jobs to pay premiums (Roth, 2016).

e. Low Enrollment

Many people would not have supported ObamaCare if they had known the small number of Americans who would enroll in the program (Roth, 2016). According to the Department of Health and Human Services, between 9.4million and 11.4 million signed up in 2016 (Roth, 2016). In 2010, the congressional budget had estimated that 21 million people would be enrolled in the exchanges.

References

Doescher, T., & Wolfensohn, L. (2016, 8 10). 3 Reasons Why Obamacare Is Bad for Millennials. Retrieved 5 11, 2016, from The Daily Signal: http://dailysignal.com/2016/08/10/3-reasons-why-obamacare-is-bad-for-millennials/

Mangan, D. (2017, 1 19). Many Obamacare customers will be paying more for less this year, study shows. Retrieved 5 11, 2017, from CNBC: http://www.cnbc.com/2017/01/19/many-obamacare-customers-will-be-paying-more-for-less.html

Norris, L. (2017, 4 23). Florida health insurance marketplace: history and news of the state?s exchange. Retrieved 5 11, 2017, from healthinsurance.org: https://www.healthinsurance.org/florida-state-health-insurance-exchange/

Norris, L. (2017, 5 7). Georgia health insurance marketplace: history and news of the state?s exchange;5 carriers offering plans; 494k enrolled for 2017. Retrieved 5 11, 2017, from Healthinsurance.org: https://www.healthinsurance.org/georgia-state-health-insurance-exchange/

Norris, L. (2017, 4 17). Hawaii health insurance marketplace: history and news of the state's exchange; Hawaii no longer has a SHOP exchange; Lawmakers consider bill to preserve the ACA and expand Medicaid to 250% FPL. Retrieved 5 11, 2017, from Healthinsurance.org: https://www.healthinsurance.org/hawaii-state-health-insurance-exchange/

Norris, L. (2017, 2 8). Idaho health insurance marketplace: history and news of the state's exchange: Nearly 106k enrolled in coverage for 2017, up 3.5% from 2016. Retrieved 5 11, 2017, from Healthinsurance.org: https://www.healthinsurance.org/idaho-state-health-insurance-exchange/

Norris, L. (2017, 4 30). Illinois health insurance marketplace: history and news of the state?s exchange: Premiums rising, but much larger subsidies keep coverage affordable for most. Retrieved 5 11, 2017, from Healthinsurance.org: https://www.healthinsurance.org/illinois-state-health-insurance-exchange/

Roth, D. F. (2016, 3 25). 7 Obamacare Failures that have hurt Americans. Retrieved 5 11, 2017, from Marketwatch: http://www.marketwatch.com/story/7-obamacare-failures-that-have-hurt-americans-2016-03-24


Tags: ObamaCare, HealthCare, Health Care, Barack Obama, Trevor Heck

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