ObamaCare will make — and is already making — healthcare cost more. That’s the message of a recent report from congressional Republicans that details just a few of the ways in which the healthcare law, supposedly passed to reduce costs, is actually causing them to explode.
The report, “The Price of Obamacare’s Broken Promises,” begins by noting that while President Barack Obama promised that his healthcare law would shrink premiums by $2,500 for the typical family, “since 2008, the average family premium has instead grown by over $3,000.” What’s more, this has taken place “before Obamacare’s most costly requirements go into effect in 2014.” In other words, it can only get worse.
How much worse? It won’t take long to find out. According to the more than 30 studies used to compile the report, Americans buying insurance in the individual market can expect their premiums to rise dramatically next year. One study, by the American Action Forum, found that in some cities premiums could increase by more than 200 percent. Others project smaller but still quite significant increases.
Proponents of the law might counter that while premiums may go up, many people buying individual insurance will be eligible for federal subsidies to offset these new costs. The GOP report begs to differ:
Despite the availability of $1 trillion in subsidies, Americans across the country will still pay a higher premium in 2014 as a result of Obamacare. In fact, households earning as little as $46,000 will receive no premium assistance, yet they will be forced to accept unaffordable premium increases as a result of Obamacare’s mandates and regulations nonetheless. Even after receiving subsidies, Americans earning as little as $25,000 will still pay more.
Four ObamaCare provisions, the report asserts, are most responsible for the rate hikes.
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