Prepare for even higher premiums as #Obamacare tax set to hit insurers

Posted by: ST on January 1, 2014 at 12:07 pm
Obamacare

Obamacare – bad for your health, your wallet, your …

As if premiums weren’t too high already thanks to the so-called “Affordable Care Act.” Via Fox News:

New Year’s Day marks the start of coverage under ObamaCare for millions of people — but it also marks the start of a massive tax increase which could further inflate premiums.

Beginning Wednesday, the Affordable Care Act imposes an annual fee on health insurers. The fee is projected to bring in $8 billion next year and roughly $100 billion over the next decade, making it one of the biggest under the law.

The health insurance industry has been howling about the “tax” for years, and is trying to rally support for a bill in Congress that would repeal it. The bill, sponsored by Rep. Charles Boustany, R-La., has 229 co-sponsors — which represents a majority of members in the House.

But the White House will fight any effort to repeal it, and for now the measure is in effect.

On Tuesday, America’s Health Insurance Plans President Karen Ignagni warned that the fee will end up hitting consumers in the form of higher premiums.

“Taxing health insurance makes it more expensive and that undermines the goals of health care reform,” she said.

The health care overhaul impacts what people pay for health insurance on the individual market in a host of ways.

For some, premiums will rise, but they’ll be eligible for subsidies to offset the cost, ultimately bringing down their health care tab. Others, who make too much to qualify for subsidies, will see their health care costs rise. The impact will vary depending on the state, the level of coverage sought and other factors.

Happy New Year! o=>

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3 Responses to “Prepare for even higher premiums as #Obamacare tax set to hit insurers”

Comments

  1. The website rollout fiasco was simply a symptom of deeper issues yet to emerge. Remember this so-called affordable act is also the largest tax increase in this nation’s history. And there is a very wide difference between having coverage and using it.

    Remember when Neil Cavuto on Fox News had an on-screen speed reader (10,000 wpm) go through the bill and how long it took? Afterward he said here were too many unsustainable suppositions buried in it. Translation: the numbers do not add up.

    The commiecrats have furnished the GOP with enough of what football teams call “bulletin board material” that the elections in November are going to look like a bar fight instead.

  2. Carlos says:

    The commiecrats have furnished the GOP with enough of what football teams call “bulletin board material” that the elections in November are going to look like a bar fight instead.

    Not to worry, Drew. The Republican “leadership” will find a way to screw it up, maybe several, and will lead off by not supporting ANY conservative candidate against ANY incumbent, then refuse to financially support said conservative in the general election should he/she happen to win the primary. It’s amazing that the Republican “leadership” still has a foot to shoot itself in, considering how many times they have shot themselves in the foot in the last two decades.