Posted on 06/06/2014 4:00:49 AM PDT by IBD editorial writer
Almost none of the uninsured will end up paying the ObamaCare mandate penalty, according to an updated analysis by the Congressional Budget Office, which found that 87% will be able to claim an exemption.
That exemption rate is higher than the CBO had previously thought, which not only blows a hole in its budget forecast for the law, but also increases the odds of an insurance industry "death spiral."
According to the CBO's latest estimate, out of the 30 million people who will still be uninsured in 2016, just 4 million will end up paying any tax penalty, despite the law's requirement that everyone buy government-approved insurance.
(Excerpt) Read more at news.investors.com ...
You wonder whether there have been long discussions in the insurance companies’ boardrooms as to whether it was such a good idea to back Obamacare.
I avoid Obumbocare by not living in the new USSA.
If they are just having these discussions now instead of when this ponzi scheme was first floated to them, then they will die a deserved death.
Entrepreneurs see this upheaval as an opportunity to have somethings in place cutting every third party operator out of the doctor-patient relationship. I already have a team working on this right now.
Pretty sure this new information will skew the CBO’s budget projections as far as new revenue is concerned. Homer Simpson might say “Doh”!!
Good luck.
This will be groundbreaking and I promise to give my fellow freepers the first views once we go live.
#14: “you experienced some other hardship” “provide documentation if possible”.
both horribly bad (leaves hardship determination totally up to bureaucratic whim) and good (anyone can claim a hardship and theoretically appeal an unfavorable decision).
I remember not having insurance after military life — not that many years ago. We saw the doctor, paid our $15.00, and the nurse (the doctor’s wife) was the one who checked us out. We had one hospitalization during that time. It was a two-day stay and was less than $1000.00.
A couple years later, we had a so-called Cadillac plan with BC/BS.
However, we continued paying out of pocket to see our FP because our family plan required a family deductible of $2500.00 before we qualified for the 80/20 — which we could never meet because we were all healthy.
But emergencies and hospitalizations were covered 100 percent, so we felt good about our coverage.
I really miss those days!
If I could have my way, it would be that your team take us back — adjusting for inflation, of course.
what obummercare may do, is force and accelerate what needed to happen- for patients to work directly with their doctors and surgeons to arranged reasonably priced self-pay care. Case in point: we recently arranged and self-paid for my husband’s umbilical hernia surgery- initial new patient surgeon office visit ($200), surgeon fee for actual surgery ($300), surgical center ($1350), anesthesia ($300), and 2 followup surgeon visits(free). The best quote we got for hospital was around $4500 self-pay cash up front and that didn’t include surgeon or anything else. Rates were significantly higher if you had insurance, and of course it’s false to assume insurance “pays” as you pay premiums and deductibles and co-pays.
Single payer to the rescue. Socialized medicine was always the goal. I am amazed that so many in the commentariat fail to understand that simple fact.
I have been thinking/saying that one of the “good” unintended consequences of Obamacare was that people would ‘just say no’ and start paying cash/negotiating with their doctors. The ‘something catastrophic happens’ issue aside, especially with the high premiums and deductibles under Obamacare, you pay and pay and pay on premiums .... then have to pay and pay again to meet deductibles and copays .... and still have no medical care that’s not out of pocket .... if you can find a doc/hospital to take the cr@ppy plans. If you accept a subsidy/tax credit & the calculation is wrong and the subsidy is too high or your income changes & lowers the amount or eliminates your eligibility, you could be getting a very hefty bill from the IRS to repay the subsidy & on this issue, they aren’t restricted to only refunds to collect. Those high premiums alone will pay for a good amount of medical care - direct with the doc where the two of you can decide what is best, no insurance company or government intrusion.
all they are talking about now is how much money to give Hillary Clinton
“Single payer to the rescue. Socialized medicine was always the goal. I am amazed that so many in the commentariat fail to understand that simple fact.”
This!
You and I know that Obamacare was always designed to fail. The health care industry expects a bailout like the banks got. They will get a bailout and single payer will squash the competition. Crony capitalism [FASCISM] on the march. AARP is leading the charge.
A caution here: I think California, which runs their own exchange, doles out "subsidies" and would be the entity chasing you down for pay-back instead of the IRS. They can empty your bank account just like the IRS can, or in in this case, cannot.
One more step to single payer. All going to plan.
You are quite pleased to not live in the United “Socialist” States of America, disparaging it from afar, yet you’re absolutely dependent on its “Social” Security payments to keep a roof over your head,food on your table, and wine in your bottle.
Ain’t irony wonderful?
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