RSS Articles and Information
  • Maine doctors ditch insurance, offer monthly subscriptions for primary care April 23, 2014
    Dr. Michael Ciampi of Bangor, Maine stopped taking insurance last year. Now, along with the fee-for-service practice model, he has added a subscription option.  A monthly fee covers all office visits from physicals to diagnostic testing to minor in-office procedures.  …
  • Haggling for Health Care April 21, 2014
    There are new ways to cut your medical costs dramatically. John BenJohn of New York placed a request for nasal polyp surgery on MediBid and had no outstanding bills or hidden charges after the procedure. After placing a procedure request, …
  • Are Eggs Good for You? 30 Reasons to Eat Eggs April 18, 2014
    Eggs have gotten a bad rap in the past and unfortunately, many today still believe the wide spread misinformation. Are eggs good for you? Do they cause heart disease? Do they raise cholesterol? Should I avoid them? Depending on who …
  • The Commercial Gym – A Little House of Horrors April 16, 2014
    by Lee Kurisko, MD I’m was on vacation a week ago in Florida.  I was more than happy to vacate Minnesota that week.  Despite being the first week of April, Minnesota is still getting snow.  My kids are teenagers so …
  • The Difference Matters: Dick Morris Interviews Jan Iverson April 15, 2014
    Jan Iverson speaks to Dick Morris, on April 14, 2014, about citizen-led efforts to hold Hillary Clinton accountable for the Benghazi cover up.
  • Arkansas Surgical Hospital Ranked Among Most Affordable in Statewide Study April 14, 2014
    San Francisco (April 9, 2014) – NerdWallet Health, a website that empowers consumers to make better decisions about healthcare and insurance, has found the ten most affordable hospitals in Arkansas – and North Little Rock-based Arkansas Surgical Hospital ranks sixth. …
  • Costa Rica Vacation & Medical Check-up Special April 11, 2014
    5 Days and 4 Nights Package to Costa Rica is available for $1899! It includes over 25 individual laboratory tests and scans to provide a thorough Biochemical assessment of your health, as well as 2 day tours in the area! …
  • MediBid Safe From Heartbleed Bug April 10, 2014
    As I’m sure most of you have heard, an encryption flaw in the OpenSSL cryptographic software library has inadvertently caused one of the biggest security threats ever seen on the internet. The OpenSSL cryptographic software library is used to secure …
  • Dr. Jeffrey Gallups Interviews Ralph Weber about MediBid April 9, 2014
    MediBid does what the government and politicians have been unable to do — offer low medical costs and choices.  MediBid was initially developed for Canadian patients on medical waiting lists.  Employers were interested in the model to provide benefits for …
  • The three most dangerous poisons to never eat, drink or inject again April 5, 2014
    Episode 2 of “Awakenings” with the Health Ranger reveals the 3 most insidious poisons you should NEVER eat, drink or inject again! Hear more episodes of Awakenings at NaturalNews.com
  • How to live GMO-free – Awakenings with the Health Ranger April 4, 2014
    Important tips on how to live a GMO-free life. Get Monsanto out of your food and off your back!This is episode 1 of the Health Ranger’s new series “Awakenings.” See more Awakenings episodes at NaturalNews.com
  • The Road to Serfdom is Paved with Good Intentions April 2, 2014
    by Marilyn M. Singleton, M.D., J.D. What do TSA groping, NSA data-mining, and mercury-laced fluorescent light bulbs have to do with keeping your doctor? They are the products of seductively entitled but flawed laws. As Daniel Webster said, “good intentions …
  • The Patient Physician Relationship Under ObamaCare April 1, 2014
    AAPS Capitol Hill Briefing: March 27, 2014 Currently there is a lot of discussion regarding health care exchanges and access to insurance. However, insurance is not care. Even if the exchanges are eventually fixed, they cannot assure access to care. …
  • After three years, Edison woman’s life is getting back on track March 31, 2014
    Debbie Pasnak suffered several broken bones in a fall, but Medicaid denied her the medical procedures she required for treatment. Medicaid kept her waiting for surgery in hospitals and rehab centers for three years. Eventually, her friend told her about …
  • If You Like Your Scam, You Can Keep It: the Attack on Out-of-Network Doctors March 28, 2014
    by G. Keith Smith, MD A patient who wanted to have a procedure at our facility asked us to file insurance. We discovered that if she had her surgery at our facility rather than at an “in network” hospital, her …
  • Doc discovers Obamacare’s shocking, dirty secret March 26, 2014
    by Lee Hieb, MD I am being impacted in many ways by the Patient Protection and Affordable Care Act, or, to give credit where credit is due, “Obamacare.” But the most stunning attack on my person came this month in …
  • Webinar: MOC Update, Paul Kempen, MD, PhD & Ken Christman, MD March 26, 2014
    Learn more at http://ChangeBoardRecert.com. “MOC, MOL, OCC and now C-MOC Beyond mere Board Certification” Presented March 23, 2014 by Paul Kempen, MD, PhD with intro by Ken Christman, MD.
  • Free Markets in Healthcare Aren’t “Broken” – Just Not Allowed to Work March 24, 2014
    by Elizabeth Lee Vliet, MD Democrats excel at “message discipline”—sticking to talking points whether their script is factually correct or not. Repeated often enough, the script becomes “truth.” Democrats’ script says: “The U.S. healthcare system is broken. Free-markets didn’t work; …
  • 2014 03 23 13 02 MOC Update March 24, 2014
  • A Better Way to Save $1 Trillion March 21, 2014
    Cutting back on national medical spending would save money, but the quality of patient care would decrease and waiting times would increase.  These are the problems other countries are having.  Money is saved by creating a free market in medical …

Medicare Actuary: Obamacare Will Triple the Growth Rate of Net Insurance Costs

Medicare Actuary: Obamacare Will Triple the Growth Rate of Net Insurance Costs

Ralph Note: Any thinking person knew this, which is why they had to rush it through before anyone read it and figured it out. That’s why it was a 2,700 page bill, because it would take longer to figure it out. This is typical of politics. I’m so tired of all of the back room deals. What have the got to hide?

WASHINGTON - JANUARY 26:  Richard Foster, chie...Medicare Actuary Richard Foster. Image by Getty Images via @daylife.

Remember when the President promised that Obamacare would reduce the cost of health insurance? “Under [our] plan, if you like your current health insurance, nothing changes, except your costs will go down by as much as $2,500 per year,” said Obama in 2008. The law, like Romneycare in Massachusetts, would magically eliminate the mythical “free-rider problem” by massively subsidizing health spending for the lower middle class.

Well, the Office of the Actuary in the Centers for Medicare and Medicaid Services recently put out its annual projections of national health care spending. And, contrary to the President, the actuaries find that Obamacare will dramatically increase the near-term growth rate of health care costs. In 2014, the actuaries find that growth in the net cost of health insurance will increase by nearly 14 percent, compared to 3.5% if PPACA had never passed. The growth rate of private insurance costs will rise to 9.4 percent, from 5.0 percent under prior law: an 88% increase.

Here is a chart that the Office of the Actuary published in the July 2011 issue of Health Affairs. The blue bars represent the Office’s projected spending growth under prior law, and the red bars represent the growth under Obamacare:

The Office of the Actuary does project that growth in private premiums will moderate a bit after 2014, but for reasons the Obama administration won’t like, given its recent harassment of McKinsey & Co.:

For 2015–20, growth in private health insurance premiums is expected to slow somewhat and average 5.6 percent annually. Underlying this expectation is that some employers of low-wage workers will stop offering health coverage (and many of their employees will move to the exchange plans, while others move into Medicaid or become uninsured).

There is another provision of PPACA that the Office of the Actuary believes will help reduce health spending: the “Cadillac tax” on high-cost insurance plans, which comes into effect in 2018. As I’ve written many times, a law that solely consisted of equalizing the tax treatment of employer-sponsored and individually-purchased health plans would have done more for health reform than the entirety of Obamacare.

Unfortunately, that’s not how it played out. Instead, we doubled down on a failed system of subsidies, mandates, and controls. Encouraging more health spending is not the way to curb its growth. As P.J. O’Rourke memorably put it in 1993, “If you think health care is expensive now, wait until you see what it costs when it’s free.”

UPDATE: In the comments below, rz00 and ritacornymichael plausibly argue that I am eliding the difference between overall insurance costs and per-capita insurance costs.

 

 

 

 

 

 

 



At MediBid, we restore market forces to medical care. Doctors get to set their own rates based on their training, experience, and outcomes, and patients get to shop for medical care across state lines and international borders. Many times with MediBid, you will find procedures that are more effective than procedures allowed, or covered by health plans. Transparency and competition are the only way to achieve reasonable costs. Many of our employer clients offering group health insurance through MediBid save $5,000 per employee per year. Those are substantial savings. Patients are saving an average of 48% vs. insurance discounted rates, or 80% vs. retail. Contact us for more information.
Share

Comments

This entry was posted in Cost of Health Care, Health Care News, Insurance, Obamacare and tagged , , . Bookmark the permalink.
Categories
Bulk Email Sender

Switch to our mobile site