Committee Report Reveals Young Adults to Pay the Price for Obamacare’s Broken Promises
On Tuesday, the House Energy and Commerce Committee, along with the Senate Finance and Health, Education, Labor & Pensions committees, released a joint report, “The Price of Obamacare’s Broken Promises.” The report, which is based on a compilation of over 30 studies and analyses, outlines estimated premium increases for all 50 states that will result from the rigid mandates and price controls imposed by the president’s health care law. Young adults and middle class families are expected to see their costs jump considerably.
March 6, 2013
GOP report: Premiums could more than double under Obamacare
By Philip Klein
March 5, 2013
Health care premiums could more than double for some Americans when the major provisions of President Obama’s health care law go into effect next year, according to a new report from Congressional Republicans.
The report, which is based on a compilation of studies on the effect of the law’s new regulations, finds that premiums could increase 40 percent on average, and by as high as 202 percent for young adults living in Chicago.
There are several ways in which the health care law puts upward pressure on premiums. It requires insurers to offer coverage to everybody who applies, regardless of preexisting conditions and limits the amount that companies can adjust prices based on health status. It also requires that every American purchase a health insurance policy that meets federal specifications regarding the level of benefits covered. In addition, the law imposes $165 billion of tax increases on health insurance, drug manufacturers and medical device makers. These policies work together to drive up the cost of insurance, especially on younger and healthier Americans. …
According to the report, prepared by Republicans on the House Energy and Commerce Committee as well as Senate Finance and Health, Education, Labor & Pensions committee, 13 states could see premiums double in the individual market: Arizona, Arkansas, Georgia, Idaho, Indiana, Iowa, Kentucky, Missouri, Ohio, Oklahoma, Tennessee, Wisconsin and Wyoming. …
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