Yes, with more competition, insurance rates will go down ... just like any other commodity or service.
There are mile wide holes in your argument. There isn’t going to be some vast new pool of people needing insurance. They already have insurance today. Just swapping them to policies not associated with employer provided plans, isn’t going to create a whole lot of new business and reduce rates.
There’s another falicy in your logic. Healthcare services must go down before insurance companies can drasticly reduce their rates. That isn’t going to happen.
What you propose will drag everyone off employee provided plans. These plans have been a part of the employee income package for decades. You are going to strip away those provisions from every employee, thereby reducing their compensations in one massive colossal f-up.
I have mentioned before that employers are not going to increase employee pay to compensate for the loss. At best they will increase wages a small percentage to compensate. And then the employee will be out there on their own having to develop coverage for the family.
Removed from the work place environment, this will be one more massive bill people will have to pay out each and every month. It will be larger than their car payment. And it will be almost totally a whole new category of expense since it’s cost will not be reimbursed.
You are in effect signing on to a plan that will destroy a portion of the workplace compensation package that has been an institution for decades.
I’m not in favor of this.
They should call this dog the Employer Relief Act of 2008.