Get ready for major hikes in health-insurance premiums — despite all the promises from "The One."
From Obamacare shorts health insurers $2.5 billion:
Insurers will get far less money than promised from the federal government this year — and a few billion dollars less than they requested — to help pay for their sickest customers.This shortage in funding ObamaCare was totally predictable, of course.
Insurers learned late Thursday [October 1, 2015] that they'll receive just $362 million out of the $2.9 billion in requested for 2014 for the program, according to an announcement by the Department of Health and Human Services.
That's because a program created under the 2010 Affordable Care Act hasn't brought in nearly as much money as it needs to pay out. As insurers enrolled more older, sicker Americans under the new healthcare law, they were promised some federal money to help cover their new costs, through a program known as risk corridors.
People with chronic health conditions typically cost more in healthcare dollars.
The cycle of life.
All the utopianism in the world can't change the natural order of the universe.
No surprise, this is how failed government ponzi schemes work. We're still funding AMTRAK after all.
ReplyDeleteDon't fret, Ducky will be along directly to tell us how premiums would been raised far higher by the evil corporate HMOs [who are ironically in bed with the Administration via the ACA]
CI,
DeleteFor some reason, most people choose to believe in ponzi schemes.
Whassup with dat?
It's easier than hard work and being responsible and accountable for your life choices. Most people will generally choose the easier path.
DeleteSad, a friend told me that his physical therapy was suddenly stopping for 3 months "for assessment" after it's really been helping after an illness. He pressured the PT woman who called, asking if this has anything to do with Obama Care, and she finally admitted it had.
ReplyDeleteHis son's Obamacare he's stuck with is going up $1000 next year. We all know insurance rates sometimes go up but let's not buy into the "you're going to save money" line this administration said would happen.
Who didn't see this coming? And then BAM; it's law. WOW.
Z,
DeleteWhen I ask about curbed medical services, I typically get the answer that the ACA regulations have curbed those services -- or have made those services more expensive.
Frankly, I doubt that ObamaCare will ever be repealed. When was the last time than any entitlement was repealed?
well we all know at 75 we have all lived long enough. Hmm now where have I heard that before?
ReplyDeleteOh yeah the architect of the ACA
Lisa,
DeleteThanks for that link! I hope that all visiting this thread read that link!
@Lisa,
ReplyDelete"at 75 we have all lived long enough"
Did anyone miss seeing the movie "Logan's Run" (circa 1976)? The ACA just may be a precursor to more "progressive" [sic] festivities to come!
AOW! "All the utopianism in the world can't change the natural order of the universe."
ReplyDeleteIn my opinion, that says it ALL as far as leftwingers...wanting to legislate kindness, legislate safety, legislate things that go against human nature. I couldn't agree with you more.
I'm not surprised but a little fascinated at the lack of comments, from Right AND Left; the failure of the ACA is clear to, dare I suggest...both sides, finally?
Z,
DeleteWe're headed for single payer -- a done deal if a Democratic Party candidate wins in 2016.
But the fact remains that we have an aging population. Single payer won't solve much without low-risk insureds paying into the pool.
Utopians are deluded, Z. And all the candidates on the debate stage last night were utopians. They promised the moon and that the wealthy will pay for the moon, too.
This comment has been removed by a blog administrator.
ReplyDeleteWouldn't have all these problems with social spending programs if there were no social spending programs.
ReplyDeleteBeamish,
DeleteTrue.
But we're stuck with him until the government goes completely bankrupt.
We're stuck with them until there is a discernable difference to vote for.
DeleteWe need a President willing to cut social spending to zero and willing to launch airstrikes on people that get upset about it.
DeleteSome of you know that I bailed out when my premiums went form $274 to $600 in 3 increases in 2 years. I waited to complete a surgery and a 'procedure' last year but after Obamacare I ended up paying for ALL of it out of pocket. Before, I would have paid about half of it myself.
ReplyDeleteEd's right. I think 'they' know by d-o n-o-t c-a-r-e. It's about control an votes. How can we tell? If it were about helping 'folks' they would never have gone down this trail.
Baysider,
DeleteThree increases in two years? I thought that premium hikes only occur once a year. Guess that I'm wrong about that because you are the second person to tell me about midyear premium hikes.
after Obamacare I ended up paying for ALL of it out of pocket. Before, I would have paid about half of it myself.
Because of the high deductible? Or another reason?
My 2009 policy was grandfathered in. Barely. Because of the grandfathering, I have a $2500 deductible for in network medical care. However, the premium-comparable ACA plan would have a much higher deductible. Unless one gets heavily subsidized ObamaCare, those high deductibles apply.
I dread my coming premium hike in April. At least it should be the last such hike. I qualify for Medicare in February 2017.
High deductible mostly. It went from 3,500 to 5,400. That, along with a doubled rate, was unconscionable. I now use Samaritan Ministries' share plan. $185/month.
DeleteBaysider,
DeleteMr. AOW and I got slammed in 2009-2010, when his $5000 maximum out of pocket was reached on September 15, 2009, and that amount again rolled over in January 2010. Ten grand out the door in a hurry!
In 2013, another slam -- when my $2500 deductible/$5000 maximum out of pocket was reached in my October 2013 retinal surgery.
Those of us without employer-based health insurance are being taken to the cleaners on a regular basis. Even worse than previously!
WE THE PEOPLE lost the option of affordable catastrophic health insurance, something that Mr. AOW and I used for at least two decades of our marriage. That kind of coverage allowed for us to save money "for the bad thing." And that kind of coverage is gone now. **sigh**
It's all about redistribution of wealth -- and, I suppose, making everyone a government employee. How's THAT gonna work?
P.S. I just read my last post. I don't recommend typing with potato chips in your hands!
ReplyDeleteEd,
ReplyDeleteDo you see any chance of turning the clock back? I don't.
o/t - Ever hear of this? A video on SPECT brain imaging.
ReplyDeleteFJ,
DeleteFascinating! Thanks!
You know how I love brain matters, my friend.