E&C Fact Check
Promise Then: "If you like your current plan, you will be able to keep it. Let Me Repeat That:-- If You Like Your Plan, You'll Be Able To Keep It." -President Obama (July 21, 2009)--Headlines Now: Market Watch: Firms to cut health plans as reform starts; Reuters: Many employers to drop health benefits: McKinsey; National Journal: Report: Reform May Move Millions More Off Employer Insurance; WSJ: No, You Can't Keep Your Health Insurance
According to a
Obama White House Wants to Protect Americans from Obamacare
Since the health care reforms became law, the Obama administration has granted more than 1,300 waivers to businesses, organizations, and unions because without the waivers, millions of Americans stand to lose their health care coverage under the law. But you don't have to take our word for it.
According to a White House blog post, the waivers are "protecting coverage for millions of Americans." --That's right, even the White House is now saying the waivers are needed to protect people from the drastic cost increases contained in...
ACOs' Failure to Launch
Another provision of the health care law is failing to live up to its lofty promises. Accountable Care Organizations (ACOs), described in a seven-page provision included in the law designed to lower costs for Medicare recipients, are having difficulty attracting interest from possible participants. ACOs are networks of doctors and hospitals designed to coordinate and manage various health services for at least 5,000 Medicare patients.
However, according to the Associated Press, "an umbrella group representing premier organizations such as the Mayo Clinic wrote the administration Wednesday...
Obamacare Imposes New Tax on Over-the-Counter Medication
Today is the last tax day individuals with health savings accounts, flex spending accounts or health reimbursement accounts will enjoy tax-free over-the-counter medication benefits.
Starting on January 1, 2011, Obamacare subjected FSAs, HSAs, and HRAs to new tax restrictions. Individuals can no longer use their spending or reimbursement accounts to pay for over-the-counter medication without a prescription. If a person does use their spending account on what Obamacare deems "nonqualified" medical expenses, the cost of the drug will be counted as income and taxed at 20%.
CBO Director Elmendorf: We are Least Certain About Everything
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"Nobody is more aware of the uncertainty of these projections than those of us who were responsible for putting them together..."
"...One very important uncertainty is how employers will respond to the existence of subsidies for buying insurance coverage in the new exchanges..."
"...The savings from those provisions are incredibly uncertain."
Foster: Win/Win to Drop Coverage
During a Health Subcommittee hearing on the true cost of the health care law, CMS Chief Actuary Rick Foster today told Rep. Mike Rogers (R-MI), "For businesses that have relatively low-income workers, it can turn out to be a win/win for them to drop their former coverage and assist their employees into getting coverage through the exchange."
What a difference 21 months and one massive law make.
"If you like your health care plan, you'll be able to keep your health care plan, period."
(President Barack Obama,...
Buried in the Health Care Law's Nearly 2,900 Pages: A Bailout for State Governments, Fortune 500 Companies, and Hollywood Unions
It has been one year today since Obamacare became law, and in that time, we have certainly continued to "find out what's in it." The latest revelation? A $5 billion bailout fund for state governments, Fortune 500 companies, and Hollywood unions that is rapidly going bankrupt after doling out half a billion dollars much more quickly than anticipated.-- So far, fewer than 5 percent of the organizations "approved" to participate in the program have received funds.
So what is this mysterious $5 billion bailout? Known as the...
Obamacare Price Tag Spikes by 54%
According to CBO's latest estimates, the cost of Obamacare has increased by $500 billion.-- Meaning, in only one year, the cost has increased from an already staggering $938 billion price tag to $1.445 trillion.
Let's put that into perspective. Half a trillion dollars could buy:
â€¢--All 32 NFL Teams ($32.7 billion), 30 NBA Teams ($11 billion), 30 MLB Teams ($14.7 billion), and 30 NHL Teams ($6.68 billion) almost 8 times.â€¢--1,002,004,008 iPad 2s ($499)â€¢--A Ford F-150 for every resident in New York City, Los Angeles, Chicago, Houston,...