- The Obama administration claimed that about 8 million Americans signed up for an Obama Care health care insurance plan during the initial sign up period.
- However, recent research from reputable sources found that it is likely that only between 80 and 90% of those who signed up actually followed through and paid for and bought a policy.
- If we take the midpoint of that range and assume only 85% followed through with payment, that 8 million sign up number is really only 6.8 million real policy holders.
- But other reputable research found that only about 57% of those who signed up for an Obama Care policy were previously uninsured, the other sign ups already had health insurance coverage and just churned out to an Obama Care policy.
- Thus, the actual number of INCREMENTAL Americans with health insurance via Obama Care is 57% of 6.8 million or around 3.9 million people.
- That means that 2.9 million Americans were not incremental insurance policy holders, they just churned from an existing policy into an Obama Care policy.
- Somewhere between 5 and 6 million people had their current health insurance policies cancelled as a result of Obama Care, policies that often were perfectly fine and acceptable to those carrying those policies.
- If we assume a best case view from the Obama Care perspective and assume all of the 2.9 million people who were not incremental to the Obama Care numbers came from this pool of 5-6 million people, than the net number of Americans who lost health insurance coverage as a result of Obama Care is between 2.1 and 3.1 million people (5 or 6 million less 2.9 million people).
- Thus, we have to take the 3.9 million people that were truly incremental because of Obama Care and subtract out either 2.1 or 3.1 million, ending up with a net gain in insured Americans of between 800 thousand and 1.8 million.
- Thus, after years of trying, billions and billions of dollars spent, we may have gotten incremental, expensive, and narrow insurance coverage to less than two million Americans.
That is where we stand today. Let’s take a look at what disasters have come to the surface since we last talked about Obama Care:
- Senator Orrin Hatch (R-UT) recently stated: "Everything from this ill-conceived tax's structure to its implementation has been a disaster.”
- Why is it a disaster? For starters, while the IRS originally estimated it would receive between 9,000 and 15,600 forms to pay the tax in the second and third quarters of fiscal 2013, the IRS ended up receiving only 5,100 forms.
- Second, while the IRS expected to pull in $1.2 billion in the second and third quarters of 2013 from the device tax, according to the, Treasury Inspector General for Tax Administration, took in just $913.4 million.
- And most insanely, the IRS Inspector General issued a report which says the IRS cannot figure out who should be paying the tax, four years after the legislation was passed. Pathetic.
- From a jobs perspective, a report from AdvaMed estimates that as many as 165,000 U.S. jobs have been lost because of the medical device tax.
- Their report and research also found that research and development (R&D) has already been cut across the industry and more cuts are expected in the future, further depressing economic and job growth within the industry and nation.
- A majority of businesses polled expect Obama Care to increase the cost of their employee health insurance coverage.
- The median of estimates from the survey put the expected increase at 10% in 2015.
- This year‘s survey, vs. last year’s survey, found an even larger majority of companies this year cited Obama Care as the driving force behind the cost increases.
- These expect increased costs will likely be passed on to employees in the large majority of the companies included in the survey by charging each employee a higher monthly premium for coverage. The survey also found that businesses are coping with higher costs by charging higher deductibles, co-pays and out-of-pocket maximums.
- Only a third of companies said they were not making changes to their health plans as a result of Obama Care.
He has health care insurance coverage and was not too worried about the delivery expense since he had already fulfilled his annual $5,000 deducible for this year which meant that going forward through the birth process in the hospital, his insurance company would pick up 90% of the costs. He initially thought he was in good financial shape for the delivery of his child.
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