By Dino Eliades
I went to the government healthcare site to find out the cost. In order to get an accurate one, you must submit an application; however, if you just want an estimate, Health and Human Services has made an arrangement to do just that through an organization called the Kaiser Family Foundation.
It only seems to give you a price for the Bronze and Silver plans, so I had to extrapolate for Platinum which is loosely equivalent to what I had as a contractor. Under the Platinum Plan, I would have to pay approximately $300/mo. Under what I used to have with United Healthcare, I paid $200/mo. The deductible with Obamacare would be approximately $5000 and my old one was $3000. So it would be $3200 more a year under the Platinum plan.
The percentage of coverage for each plan is shown here.
There are also many exemptions and subsidies provided depending on people’s situation which is found here.
The CBO has released their latest cost estimate of Obamacare to be $1.78 trillion over the next ten years. The CBO assumes, through employer penalties and excise tax of high premium plans, that some of that cost will be offset.
Don’t forget businesses are cutting hours, benefits, or laying off people completely due to the unintended consequences of Obamacare. This will force more people under these exemptions. That puts a burden on the remaining people still working.
Much of the system is dependent on the youth purchasing from the exchange. However, given the premiums, many will opt out of it and take the penalty because it is cheaper.
You’re talking about people who are buried in student loans and are just starting out in life with very few assets. Instead, most will purchase an insurance plan only if they develop any health problems. This will grossly underfund the insurance pool.
Since there won’t be enough money to fully fund Obamacare, the Fed will have to print even more money per year to compensate for the difference.
We’re almost at $17 trillion in debt with nearly a trillion in deficit spending. This would greatly increase our spending gap driving us further into debt at greater speed. The interest on our debt will reach unsustainable levels.
The bond rates right now are being kept artificially low by the Fed, but will not always remain at these levels. As rates climb, the cost of our debt goes up in addition to growing it.
Given the path we’re on, the interest will eventually exceed our entire military budget.
All of this will further weaken our dollar. Since we import most of our goods, this will drive up the costs of everything hitting the poor the hardest. With less money in people’s pockets, then everyone will buy or do less making the economy contract.
It’s a domino effect that will send us into a downward spiral as it has for Europe.