Posts Tagged ‘increasing costs’
Heritage Research
What Does the Election Mean for Obamacare?
What’s next for Obamacare now?
The bad news is that many of the health care law’s serious effects were delayed until after the election. Ten of its 18 new tax hikes have yet to kick in. And there is still so much about the law that we don’t even know.
Former House Speaker Nancy Pelosi (D–CA) was absolutely right when she famously remarked in 2010 that “we have to pass the bill so that you can find out what is in it.” Thus far, we have seen revelations of increasing costs, higher taxes, and a flood of directives from Washington bureaucrats—yet there are countless major features of the law that have not been decided.
Just a few of the questions that remain: What will a qualified health plan look like? What will be in the essential benefits package that insurers are required to provide? How will the employer and individual mandates to purchase insurance be implemented? The list goes on.
Thankfully, this isn’t the end of the story. Obamacare is not here to stay. Despite the 2012 election, the assumption that the health care law will stay on course is another example of the left’s wishful thinking. Of course, efforts for a complete repeal will likely face the same fate as efforts in the last Congress did. But there are ample reasons, as well as opportunities, to change the course of this law.
Tags: 18 tax hikes, elections, essential benefits package, find out what's in it, increasing costs, ObamaCare, pass the law
Health Care News
5 Effects Obamacare Will Have on Working Americans
Obamacare will certainly have a negative impact on every American, but here are five ways it will harm working Americans:
- Two-thirds of American employees’ wages will decrease as employers deal with increasing costs. Heritage’s Drew Gonshorowski explains the results of an Urban Institute study: “The Urban Institute claims that mid-size firms will see spending per person increase by 4.6 percent, while large firms will see spending increases by 0.3 percent per person. According to the U.S. Census, this accounts for 65.1 percent of employees—or roughly 79 million—in the U.S. who are employed by medium- or large-size firms. The study suggests: ‘Any increase in employers’ health-related costs will be offset by decreases in other compensation—whether wages or other benefits.’ This means that individuals in mid- and large-size firms will receive less in take-home wages (or other benefits) and pay a greater proportion of their compensation to health care due to Obamacare.”
- Loss of existing insurance coverage. Because of Obamacare’s high costs, experts predict that employers will stop offering employees health coverage, forcing employees into the new government-run exchanges. Although estimates vary, it is likely that millions of Americans will lose their current coverage. For instance, the non-partisan Congressional Budget Office estimates that between 5 million and 20 million Americans will lose employer-sponsored coverage, the American Action Forum estimates 35 million, and McKinsey, a consulting firm, estimates that 30 percent of employers will definitely or probably stop offering coverage after Obamacare takes full effect in 2014.
Tags: employer drop, existing insurance, increasing costs, loss coverage, ObamaCare, working Americans
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