Posted on 01/14/2014 3:09:20 PM PST by grimalkin
While the costs of providing health care insurance are beginning to skyrocket because of Obamacare, insurance company executives are sleeping very soundly. A respected consultant to health insurance companies, Robert Laszewski, reveals that there are two obscure provisions in Obamacare that guarantee that insurance companies will be subsidized and bailed out by Amercian taxpayers. Indeed the Congressional Budget Office estimates that $1.071 trillion will be coercively transferred from taxpayers to big insurance companies over the next decade.
This massive redistribution of wealth will take place via two programs stealthily embedded in the Affordable Health Care Act. The first is the Reinsurance Program under which large claims are capped for insurers offering individual plans under Obamacare. Insurers pay for claims up to $45,000, while the Federal government picks up 80% of the costs exceeding $45,000 up to a maximum of $250,000. This means that Obamacare is a public-private insurance scheme and that we are already half-way to the “single-payer” insurance program that Obama and his left-wing cronies so keenly pine for. Needless to say, neither President Obama nor the establishment media have publicized this provision of Obamacare.
Obama and his media supporters have also scrupulously avoided public references to the Risk Corridor Program that limits total losses for insurance companies via a complex formula. Basically, under this provision, taxpayers would be on the hook for 75%-80% of an insurance company’s losses. The enormous taxpayer-funded subsidization of costs and socialization of losses will make Obamacare more palatable to insurance companies and the public at least for a while, since insurance companies will not need to raise their premiums as much as they would have if they were forced to bear the full burden of cost increases and the risk of huge losses. This may give this destructive program time to take root and wreak havoc with what quality remains in the American health care system. Should Obamacare become permanent, Americans as taxpayers and as consumers of medical services will spend many sleepless nights worrying about how they will pay their tax bills and where they will find quality medical care.
We all know what happens when the 250K maximum is reached, don’t we.
A friend of mine incurred a $400,000 medical bill for inadvertently stepping of the 3rd rung of a ladder and fracturing an ankle.
So, Obamacare really is single-payer. It’s just that besides paying for socialized-medicine-level medical care, the “single-payer” is also paying to line the pockets of crony-capitalists in the insurance industry, of course with money forcibly taken from the citizenry at large.
Indeed the Congressional Budget Office estimates that $1.071 trillion will be coercively transferred from taxpayers to big insurance companies over the next decade.
The bail-out means that insurance companies will be beholden to the feds, and if things get dicey for them all they have to do is do Obama's will.
So "single-payer" has been there all along.
Congressional Budget Office estimates that $1.071 trillion will be coercively transferred from taxpayers to big insurance companies over the next decade
is this how Obama’s single payer system works ?
Listen boys and girls, let’s talk reality here, OK?
The Republicans in Congress want this just as much as the Democrats do. They’ve figured out how to (1) exempt themselves from it, and (2) make a ton of personal money out of it during the interval between when it gets implemented and when the free market figures out how to deal with it.
Members of both parties have been clued in to how to work this giant piñata, and the fix is in.
There’s this thing called “the real world.” Check into it.
It shouldn’t be called OBAMACARE.
It should (and will be soon) called ZEROCARE.
There isn't a cold and dark enough place for the people responsible.
Oh sure they do. They love money more than people.
Now that’s an exaggeration of the usual exaggerations.
It's pretty clear large employers have told our political leaders that they're getting out of the healthcare business.
I might be able to get him to sign on and tell you himself, if you would like.
there are two obscure provisions in Obamacare that guarantee that insurance companies will be subsidized and bailed out by Amercian taxpayers. Indeed the Congressional Budget Office estimates that $1.071 trillion will be coercively transferred from taxpayers to big insurance companies over the next decade.
This massive redistribution of wealth will take place via two programs stealthily embedded in the Affordable Health Care Act.
[snip]
Obamacare is a public-private insurance scheme and that we are already half-way to the “single-payer” insurance program that Obama and his left-wing cronies so keenly pine for. Needless to say, neither President Obama nor the establishment media have publicized this provision of Obamacare.
Obama and his media supporters have also scrupulously avoided public references to the Risk Corridor Program that limits total losses for insurance companies via a complex formula. Basically, under this provision, taxpayers would be on the hook for 75%-80% of an insurance company’s losses.
More in article.
.
Here’s a thought, knowing human nature and such I can easily see a near-term future where the current tax-paying populace goes Galt. And that is when the Obamacare tax penalties and/or the premium costs plus deductible are so intolerable that they quit working.
If they quit working they will nearly instantly better their standard of living because instead of all of their income being instantly transferred to out-go via taxes, mandatory insurance premiums etc. They can now sit at home, watch TV, drink beer and eat Cheetos to their hearts content.
Sure the Feds can then say that Americans ‘won’t’ work therefore they have to bring in millions of guest workers to do the work and of course be the latest ones to get fleeced by the same policies that made the original workers quit in disgust.
So tell me how long before it all collapses. My guess is less than two years after ‘full implementation’ of the plan with no more waivers being handed out.
My advice, try to live healthy eat healthy and get out of the cities if you can. They’re going to be even less healthy places than they are now fairly soon.
Damn.
And 53% of the nation wants this.
We are so screwed.
I spent two hours in ER on Thanksgiving (long story, nothing major) and got a scrip for amoxicillin & a bill for almost a grand. Doesn’t take much, does it?
We know that if the GOP allows the bailouts, no one can call themselves a conservative and support them any longer.
During the attempt to defund ACA, the Rinos promised they would “let it implode,” not prop it up.
Don’t believe them if they say bailouts are in the ACA and must occur. No prior Congress can bind another.
BUT if they let the cronies crash. the GOP is blamed for ruining the health care industry, and then Hillary runs on single payer. And will probably win.
They blew their last chance by not defunding. We all said it back then.
So they will prop it up until we are broke or the dollar crashes from over-printing.
written:
zer0care
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