Five years ago, the key selling points of Obamacare were too many uninsured people, rising healthcare costs, and insurance companies making too much profit. This resulted in mandates for all: physicians, insurers, employers, and patients. Supporters promised that premiums would decrease, numbers of new patients would have access to insurance, and the cost burden would be lifted creating jobs.
During the first open-enrollment period during fall of 2013, millions of insurance policies were canceled and the health insurance exchanges failed to work properly. Premiums skyrocketed in 2014, with yet another spike in 2015. Many people decided not to be insured at all. Half of the Obamacare co-ops closed this year, and now physicians are stuck with the unpaid bills. More than 600,000 Americans will have to find insurance elsewhere or go without.
This week, the CBO found that Obamacare only reduced the number of uninsured by 2.7%, forcing costs to increase faster and killing jobs. The work force for 2025 is projected to be two million fewer full-time workers. Tax rates create an incentive to remain unemployed or out of the work force. The Centers for Medicare and Medicaid study discovered that the impact on costs and reducing uninsured by Obamacare is a complete failure. Because of state expansion, Medicaid spending rose 11% last year.
Due to a depressed job market, increasing prices, little reduction in uninsured numbers, and insurers backing out of the exchange marketplace or failing altogether, such a failed program should be quickly repealed and replaced with free market solutions.
Morrissey, Edward. “Obamacare Is Now on Life Support.” News. Yahoo Finance, 10 Dec 2015. Web. 10 Dec 2015.