If you think health care is expensive now, wait until it’s free!

Are you ready for your health insurance premiums to at least double between now and 2016?  According to a report by the IRS handed out in January, the average premium for a family of five in 2016 for a Bronze plan will be about $20,000 annually.  Yes – the Bronze plan.  That is the plan with the lowest levels of benefits that will be offered and mandated to buy under the Affordable Care Act (“Obamacare”).  There will be three other “metal levels”; Silver, Gold, and Platinum with increasing benefits. 

Too expensive, you say?  How can we afford that, you ask?  Not to worry!  If you choose not to buy the mandated insurance, you can simply pay a fine of about $695 per year per adult.  Since it’s the IRS, it’s not always that simple; you have to do a very complex calculation to come up with the “exact” amount of your fine.  So the family of five that chooses not to pay the twenty grand in premiums will pay about $2400 fine.  And now the good news:  you still get coverage!

Under Obamacare, there will be NO such thing as a pre-exisiting condition that will not be covered by the taxpayers!  Want to spend your money on anything but insurance?  Go ahead.  Then when you get sick, just buy the insurance you want and TA-Dah!  Your covered!

I recently attended a seminar for employers on how to deal with Obamacare and what it means for your company and your employees.  Two interesting points were brought up in the Q&A session at the end I would like to share with you, since other employers asked I assume many may not know these important issues.

Question 1:  After listening to 3 hours of lecture from insurance experts, an attorney and a CPA, would you tell me how this law is going to save anyone money?

Answer: (From the PacificSource representative) : Even though “Affordable” is in the title of the law, there is nothing in that law that mandates anything become more affordable for anyone.

Question 2: If the penalty is so much lower than the mandatory insurance, how many people will still be uninsured when this is fully implemented?

Answer (from the attorney): The CBO just put out a report that about 24 million Americans will still be uninsured in 2016.

There you have it!  An incredibly expensive program that doesn’t work!  And don’t forget about the impending doctor shortages, increased taxes, increased budget deficits and borrowing, and mandated compliance and bureaucratic mess for every business in the country.  Just can’t wait…

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