President Obama repeatedly promised that his signature health law, the Affordable Care Act, known as ‘Obamacare,’ would reduce insurance premiums by $2,500 for the typical family. Instead, premiums have increased by a comparable amount and are expected to outpace GDP for the next ten years.
A new Congressional Budget Office (CBO) report claims that U.S. health insurance premiums will continue to balloon over the next decade thanks largely to Obamacare.
The report states that, “over the next 10 years, private health insurance premiums will increase by about 5 percent annually” — a rate that is expected to outpace the gross domestic product by 2 percentage points.
By 2025, employment-based coverage (health-care insurance an employer offers) will cost 60 percent more than it does today. For a family, that increase costs to an average of $24,500 per year. For those with an individual plan, health-care costs will increase to cost an average $10,000 per year.
In California alone, The Los Angeles Times reports that the premius for an average middle class family will increase by 30%, which is consistent with what we are seeing all over the country. Quite a different story that than President Obama’s promise to the American people that if you already have insurance, his plan would reduce your premiums by $2500 per year.
“We will start by reducing premiums by $2,500 per year.” ~President Barack Obama
“If you already have health care we have a plan that will reduce your health costs by up to $2,500 per year.” ~President Barack Obama
“We will cut the cost to the typical families health care but about $2,500 per year.” ~President Barack Obama
“It’s time to bring down the typical family premium by $2,500 every year.” ~President Barack Obama
“We will reduce every families health care costs by $2,500 per year.” ~President Barack Obama
“We can cut the average families health care costs by $2,500 per year.” ~President Barack Obama
“It’s time to bring health costs for the entire country.” ~President Barack Obama
“If you already have health insurance we will lower your premium by $2,500 per family per year,” ~President Barack Obama
“If your employer already provides health insurance, we will work with your employer to reduce their health care costs by as much as $2,500 per year per family.” ~President Barack
“The only thing we are going to do is lower health care costs so those savings can be a passed on to you.” ~President Barack Obama
“We can cut the average families health care costs by $2,500 per year” ~President Barack Obama
Obama campaigned on the promise that his namesake legislation would reduce health-care costs for the average family by up to $2,500 annually. But as it turns out, the health-care law that was supposed to lower costs is actually doing the complete opposite.
What’s driving these price increases? According to the CBO, it’s Obamacare.
The CBO report states that it’s due to Obamacare’s costly federal mandates on insurance companies, like forcing them to cover everyone regardless of preexisting conditions, coverage restraints, increased regulations, and increased costs of individual, or non-group, health-care plans (which account for 15 percent of all plans) by 27 to 30 percent.
The Federalist reports that the increased costs don’t just affect the families and individuals paying out more and more each month for their plans, it also affects the national budget and taxpayers who subsidize them. The federal government subsidies for health insurance cost the American people about $300 billion this year alone.
Is this all about to change? Seems that way as the American people are expressing growing dissatisfaction with their health care plans while more and more Presidential front-runners are advocating for an executive order to abolish Obamacare on day one. November will be a very interesting month.
VIDEO: Obama Promises To Lower Health Insurance Premiums by $2,500 Per Year
source: http://thefederalist.com, Breitbart, Youtube, Twitter
