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An Anniversary Americans Wish They Could Forget

- March 23, 2018

Today Marks The 8th Anniversary Of The Passage Of Obamacare, And Health Care Is Still Unaffordable And Unattainable For Too Many Americans

 


TOP TAKEAWAYS

  • Eight years ago today, President Obama signed the Affordable Care Act into law.
  • President Obama and the Democrat Party promised Obamacare would lower the cost of health care and increase competition amongst insurers.
  • But the Affordable Care Act has been anything but affordable for Americans, as the law has wreaked havoc on Americans' wallets and healthcare.
  • As a result of Obamacare:
    • Americans face rising health care premiums; Obamacare's lowest cost plan's average monthly premiums rose 17 just in 2018, and they have risen 77 percent since 2014.
    • The harsh reality of fewer choices and sparse competition has left over 1,500 counties and 2.1 million Americans without a choice of an insurer on their Obamacare exchange.
    • However, insurance companies are making out just fine, as they continue to record tidy profits off the backs of consumers stuck with higher premiums and fewer choices.

EIGHT YEARS AGO, OBAMACARE WAS SIGNED INTO LAW

On March 23, 2010 President Obama Signed Obamacare Into Law

On March 23, 2010 President Obama Signed Obamacare Into Law. "With the strokes of 22 pens, President Obama signed his landmark health care overhaul - the most expansive social legislation enacted in decades - into law on Tuesday, saying it enshrines 'the core principle that everybody should have some basic security when it comes to their health care.'" (Robert Pear and Sheryl Gay Stolberg, "Obama Signs Health Care Overhaul Bill, With A Flourish," The New York Times , 3/23/10)

BUT SINCE OBAMACARE BECAME LAW, HEALTHCARE PREMIUMS HAVE SYROCKETED AND CONSUMERS HAVE SEEN THEIR CHOICES DWINDLE

President Obama Repeatedly Promised Obamacare Would Lower Healthcare Costs

In 2008, Then-Sen. Barack Obama (D-IL) Promised Voters His Healthcare Bill Would Lower Costs For American Families By $2,500 By The End Of His First Term. BARACK OBAMA: "If you've got health insurance, we're going to work with you to lower your premiums by $2,500 per family per year. And we will not wait 20 years from now to do it or 10 years from now to do it. We will do it by the end of my first term as president of the United States of America." (Senator Barack Obama, Remarks At Campaign Event , Columbus, OH, 2/27/08)

In 2013, President Obama Pledged That Obamacare Would Allow Americans To "Offer Your Family The Security Of Health Care" For "The Cost Of Your Cable Bill" And "Less" Than The Price Of A Cellphone Bill. PRESIDENT OBAMA: "Knowing you can offer your family the security of health care -- that's priceless. Now you can do it for the cost of your cable bill. Probably less than your cellphone bill. Think about that. Good health insurance for the price of your cellphone bill, or less." (President Barack Obama, Remarks By The President On The Affordable Care Act , Largo, MD, 9/26/13)

Instead, Insurance Premiums On The 2018 Obamacare Exchanges Have Risen By As Much As 59 Percent

In 2018, Average Monthly Premiums For The Lowest Cost Plan For A 27-Year-Old In A HealthCare.gov State Rose By 17 Percent From 2017 And 77 Percent Since 2014 . ("Health Plan Choice And Premiums In The 2018 Federal Health Insurance Exchange," Department Of Health And Human Services , 10/30/17, p. 26)

In 2018, Average Benchmark Premiums For A 27-Year-Old Increased By 37 Percent From 2017. "Benchmark Premiums: The average monthly premium for the second-lowest cost silver plan (SLCSP), also called the benchmark plan, for a 27-year-old increased by 37% from plan year 2017 (PY17) ($300) to PY18 ($411)." ("Health Plan Choice And Premiums In The 2018 Federal Health Insurance Exchange," Department Of Health And Human Services , 10/30/17)

In Florida, Individual Premium Rates Increased On Average By 42.9 Percent In 2018. (Press Release, "Individual PPACA Market Monthly Premiums For Plan Year 2018," Florida Office Of Insurance Regulation , 9/26/17)

In Missouri, Individual Premium Rates Increased On Average By 37.8 Percent In 2018. ("Final 2018 Rates," Missouri Department Of Insurance , Accessed 3/22/18)

In Wisconsin, Individual Premium Rates Increased On Average By 36 Percent In 2018. "'This year, we were successful in ensuring coverage in all Wisconsin counties,' stated Commissioner Ted Nickel. 'Unfortunately, Wisconsin consumers will be facing an average premium rate increase of 36 percent for individual ACA-compliant health insurance plans in Wisconsin.'" (Press Release, "2018 Open Enrollment: November 1 - December 15, 2017," Wisconsin Office Of Commissioner Of Insurance , 10/12/17)

In Ohio, Individual Premium Rates Increased On Average By 34 Percent In 2018. "In addition, the average cost of coverage for individual plans sold on the federal exchange in 2018 will be 34 percent higher than the average cost of coverage in 2017." (Press Release, "Ohio Health Insurance Exchange 2018," Ohio Department Of Insurance , Accessed 11/13/17)

In Pennsylvania, Individual Premium Rates Increased On Average By 30.6 Percent In 2018. "Because of President Trump's deliberate disruption of the individual market by discontinuing cost-sharing reduction payments to insurers and Congress's inaction to appropriate these funds, rates will increase by an average 30.6 percent in the individual market." (Press Release, "Acting Insurance Commissioner Announces Approved 2018 Individual And Small Group Rates, Highlights Opportunities To Lessen Impact Of Trump Administration Actions On Pennsylvania Consumers," Pennsylvania Insurance Department , 10/16/17)

In Indiana, Individual Premium Rates Increased On Average By 27.9 Percent In 2018. ("Indiana 2018 Federal Marketplace Filings," Indiana Department Of Insurance , Accessed 11/8/17)

In Michigan, Individual Premium Rates Increased On Average By 27 Percent In 2018. "The average increase is 27% in the individual market and 4% in the small group market." (Press Release, "Michigan Department Of Insurance And Financial Services Release 2018 Health Plan Rates And Tools For Shopping The Marketplace," Department Of Insurance And Financial Services , 10/25/17)

In West Virginia, Individual Premium Rates Increased On Average By 22.6 Percent In 2018. "MetroNews learned Tuesday premiums for Highmark West Virginia will increase by 25.6 percent, while CareSource Insurance will have a 19.6 percent increase in its rate." ("State Insurance Commission Approves 'Obamacare' Exchange Rate Increases," Metro News , 10/10/17)

In North Dakota, Individual Premium Rates Increased On Average By 7.9 To 22.6 Percent In 2018. "Rates will increase by an average range of 7.9- 22.6 percent for approximately 42,000 North Dakotans enrolled in ACA-complaint individual plans." (Press Release, "Insurance Commissioner To Deny Additional Rate Increases Following Non-Payments Of CSRs," North Dakota Insurance Department , 10/17/17)

In Montana, Individual Premium Rates Increased On Average By 17.3 Percent In 2018. "PacificSource's overall average rate increase will now be 13.1 percent. It was previously 7.4 percent. The Montana Health CO-OP's new overall average increase is 16.6 percent, instead of 4 percent. Blue Cross Blue Shield's increase remains unchanged at a 22.3 percent average." (Press Release, "Revised Individual Market Health Insurance Rates Finalized," Office Of The Montana State Auditor , 10/19/17)

To Make Matters Worse, In 2018, Over Two Million Americans Are Facing A Monopoly On Their State Exchange Leaving Them Little Choice In How Much They Pay For Obamacare

In 2013, President Obama Stated That The Creation Of The State Exchanges Would Allow For The Average American To "Have More Than 50 Different Plans To Choose From, With Different Levels Of Coverage." PRESIDENT OBAMA: "In states where the federal government helps run these marketplaces, the average American will have more than 50 different plans to choose from, with different levels of coverage." (President Barack Obama, Remarks By The President On The Affordable Care Act , Largo, Maryland, 9/26/13)

However, According To The Centers For Medicare And Medicaid Services (CMS), At Least 2.1 Million Exchange Participants Will Have No Choice Of Insurer In 2018. ("County By County Analysis Of Plan Year 2018 Insurer Participation In Health Insurance Exchanges," Centers For Medicare and Medicaid , 10/20/17)

According To CMS, An Estimated 51.43 Percent Of Counties In 2018 Will Have Only One Health Carrier Available. ("County By County Analysis Of Plan Year 2018 Insurer Participation In Health Insurance Exchanges," Centers For Medicare and Medicaid , 10/20/17)

BUT WHILE AMERICANS SUFFER THE WRATH OF OBAMACARE, INSURERS HAVE DONE JUST FINE AND HAVE PROFITED HANDSOMELY

Thanks To Obamacare's Rising Premiums, Health Insurers Have Done Just Fine

Politico : "Insurers Have Finally Figured Out How To Make Money In The Obamacare Markets: Charge More." "Insurers have finally figured out how to make money in the Obamacare markets: Charge more." (Paul Demko, "POLITICO Survey: Insurers On Pace To Record Obamacare Profits For The First Time," Politico , 12/7/17)

Insurers That Remained In The Obamacare Market For 2018 Were "Likely To Have A Relatively Profitable Year." "Insurers who decided to stick with ObamaCare after a tumultuous 2017 are likely to have a relatively profitable year, analysts and experts predict, for reasons including higher-than-expected enrollment." (Jesse Hellmann, "Profit Outlook Brightens For Obamacare Insurers," The Hill , 1/9/18)

The Increase In Premium Costs Over The Years Has Led Insurance Companies To Claim A Profit . "That created sticker shock for many Obamacare customers while putting many insurers on pace to record profits this year for the first time, according to a POLITICO analysis of 31 regional Blue Cross Blue Shield plans, many of which dominate Obamacare markets in their states." (Paul Demko, "POLITICO Survey: Insurers On Pace To Record Obamacare Profits For The First Time," Politico , 12/7/17)


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