By Tom Quiner
I’d like to introduce you to Richard Foster, the chief actuary for the Center Medicare and Medicaid Services.
Last March 18th, he was presented with Congress’ 2700 page health care bill. His job was to assess the impact ObamaCare would have on America. Unfortunately, Congress wasn’t interested in waiting for his analysis. They went ahead and passed the bill on March 21st
ObamaCare promised to insure more people and reduce costs.
Mr. Foster’s analysis is now complete. Here are some of his findings:
- Demand for services will increase and tax “existing provider’s resources and could lead to price increases, cost-shifting, and/or changes in providers’ willingness to treat patients with low-reimbursement health coverage.”
- Americans will pay $120 billion in “penalties paid by individuals who choose to remain uninsured and employers who opt not to offer coverage.”
- “Overall national health expenditures under the health reform act would increase by a total of $311 billion during calendar years 2010 – 2019.”
- Funding for high-risk pools at the national level would run out by 2011, “resulting in substantial premium increases to the program and limit further participation.”
- 14 million people would lose their coverage because of rising costs that make employer-paid coverage unsustainable.
- One of out of every six hospitals and nursing homes may start losing money.
- Doctors would begin to refuse new patients. There may not be enough doctors to treat the expected increase of 16 million new Medicaid patients.
Since passage of ObamaCare, the Congressional Budget Office did an update on the price tag of this landmark legislation. They estimated that the program will, in fact, cost us $115 billion more than they thought.
Towers Watson is a human resources consulting firm that interviewed 650 mid-to senior-level benefit professionals on the impact of the legislation on corporate America. You can read their entire report here: http://www.towerswatson.com/research/1935.
Their study said the top three goals of the legislation, in the eyes of these benefits professionals, are to contain health care costs, encourage healthier life styles, and improve quality of care.
Only 14% think ObamaCare will contain health care costs.
Only 24% think ObamaCare will encourage healthier lifestyles.
Only 20% think ObamaCare will improve quality of care.
If you plan on retiring soon, Towers Watson’s study says that “more than three in four employees (85%) believe that health care reform will reduce the number of large organizations offering employer-sponsored retiree medical benefits. And 43% of employers that currently offer retiree medical plans plan to reduce or eliminate them.”
We’ve been sold a bill of goods. ObamaCare tries to cheat the laws of supply of demand instead of letting supply and demand control costs and increase access to healthcare.
According to Medicare’s actuary, according to the Congressional Budget Office, according to health care benefit professionals, America will be poorer and unhealthier under ObamaCare.