Whether you have your own health insurance, or, have your health insurance through your small business employer, get ready to pay a great deal more for that insurance should Obamacare become law.
For the past five months I have posted many articles about provisions of the proposed Obamacare legislation that will clearly cost you money. But, to date, I have not been able to quantify that cost for you. Now, thanks to a recent study released by WellPoint, I can.
WellPoint mined its own actuarial data to model ObamaCare in the 14 states where it runs Blue Cross plans. The study therefore takes into account market and demographic differences that other industry studies have not…
The results of this study are not pretty.
A healthy 25 year old male living in Columbus, Ohio currently pays about $52 per month for insurance. Here is what Obamacare will do to his premiums.
First, add $79 per month because Obamacare requires all insurers to to cover anyone who applies regardless of their current health condition. This is the piece of Obamacare that “ensures” that those with pre-existing conditions can obtain insurance.
Second, add $3 per month because Obamacare requires insurance companies to charge virtually the same premium to all insureds, regardless of health, age, etc.
Third, add $17 per month because Obamacare will mandate what must be included in your insurance policy (whether you want or need that coverage, or not) in order to have a “qualified” plan. This will let you avoid paying a tax for having the audacity to have a “non-qualified” plan.
And finally, add $6 per month to cover the cost of the $80 billion in new non-deductible taxes on insurance companies that Obamacare also mandates.
So, under Obamacare, our young man from Columbus, Ohio will now pay $157 per month for his insurance, a svelte 199% increase!
Of course, this study doesn’t take into account the increased costs resulting from the $20.3 billion in new nondeductible taxes on drug manufacturers and importers, or the $40 billion in new taxes on medical device manufacturers. But, as they say, at this point, who’s counting?