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Thread: California Opens it's ObamaCare Insurance exchange

  1. California Opens it's ObamaCare Insurance exchange

    Here is something I find personally entertaining. Next year, my individual rates are going up by 126% specifically because of the ACA. The year after that, my taxes will likely go up to help pay for the government subsidies being handed out so that others can afford the ObamaCare rate hike.


    Rate Shock: In California, Obamacare To Increase Individual Health Insurance Premiums By 64-146%

    Last week, the state of California claimed that its version of Obamacare’s health insurance exchange would actually reduce premiums. “These rates are way below the worst-case gloom-and-doom scenarios we have heard,” boasted Peter Lee, executive director of the California exchange. But the data that Lee released tells a different story: Obamacare, in fact, will increase individual-market premiums in California by as much as 146 percent.
    One of the most serious flaws with Obamacare is that its blizzard of regulations and mandates drives up the cost of insurance for people who buy it on their own

    ...


    Here’s what happened. Last week, Covered California—the name for the state’s Obamacare-compatible insurance exchange—released the rates that Californians will have to pay to enroll in the exchange.
    “The rates submitted to Covered California for the 2014 individual market,” the state said in a press release, “ranged from two percent above to 29 percent below the 2013 average premium for small employer plans in California’s most populous regions.”
    That’s the sentence that led to all of the triumphant commentary from the left. “This is a home run for consumers in every region of California,” exulted Peter Lee.
    Except that Lee was making a misleading comparison. He was comparing apples—the plans that Californians buy today for themselves in a robust individual market—and oranges—the highly regulated plans that small employers purchase for their workers as a group. The difference is critical.
    ...

    If you’re a 25 year old male non-smoker, buying insurance for yourself, the cheapest plan on Obamacare’s exchanges is the catastrophic plan, which costs an average of $184 a month. (By “average,” I mean the median monthly premium across California’s 19 insurance rating regions.)
    The next cheapest plan, the “bronze” comprehensive plan, costs $205 a month. But in 2013, on eHealthInsurance.com (NASDAQ:EHTH), the median cost of the five cheapest plans was only $92.
    In other words, for the typical 25-year-old male non-smoking Californian, Obamacare will drive premiums up by between 100 and 123 percent.

    Under Obamacare, only people under the age of 30 can participate in the slightly cheaper catastrophic plan. So if you’re 40, your cheapest option is the bronze plan. In California, the median price of a bronze plan for a 40-year-old male non-smoker will be $261.

    But on eHealthInsurance, the median cost of the five cheapest plans was $121. That is, Obamacare will increase individual-market premiums by an average of 116 percent.

    ...

    * * *
    UPDATE 1: On Twitter, Jonathan Cohn of The New Republic argues that I’m being unkind to California (1) by not describing the mandates that Obamacare imposes on insurers in the individual market, and (2) not explaining that low-income people will be eligible for subsidies that protect them from much of the rate shock.
    For an extensive discussion of Obamacare’s costly insurance mandates, such as its requirement that plans cover you whether you’re healthy or sick, read this post. For a discussion of how Obamacare’s insurance mandates dramatically increase the cost of insurance for younger workers, go here.
    Jon is right that low-income individuals will be protected from these rate increases because of Obamacare’s subsidies, but if you’re not low-income, you face a double-whammy: higher taxes to pay for those subsidies, and higher indvidual-market insurance costs for yourself. A better approach would be to offer everyone access to low-cost consumer-driven health coverage.
    Rate Shock: In California, Obamacare To Increase Individual Health Insurance Premiums By 64-146% - Forbes

  2. #2
    Yes, someone will be subsidizing this low cost venture.
    But at some point, the state will cut back on the payouts to insurance companies and bam!
    Or the insurance companies will find out that they are paying out more than they are taking in.

    Just one big kerfluffle is all obamacare is!

  3. #3
    I get a kick out the fact that half the idiots who voted for Obamacare still haven't read all of it and are just now discovering what is in it.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  4. #4
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    Quote Originally Posted by TopDogger View Post
    I get a kick out the fact that half the idiots who voted for Obamacare still haven't read all of it and are just now discovering what is in it.
    Nancy Pelosi said "We need to pass ObamaCare so that the public can find out what's in the bill."

  5. #5
    Quote Originally Posted by bogart View Post
    Nancy Pelosi said "We need to pass ObamaCare so that the public can find out what's in the bill."
    She now denies that she said that, even though everyone has seen the video.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  6. #6
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    Quote Originally Posted by TopDogger View Post
    She now denies that she said that, even though everyone has seen the video.
    Pelosi and Reid are more responsible for Obamacare than Obama. I bet Obama still hasn't read it.

    Pelosi: "We Have to Pass the Bill So That You Can Find Out What Is In It"

  7. #7
    I did read through the first failed health care bill that was made public before the vote, but that one was only about a thousand pages. I cannot stomach reading one that is 2.5 times longer and filled with unintelligible legal gibberish.

    I don't see how any politician in their right mind can pass a law that they have not read and do not understand, even though it was made public prior to the vote that some sections contain clauses that say that the section cannot be changed--EVER--even by Congress. I suspect the "in their right mind" bit explains it all.

    Lord love a duck! How do these people ever get elected?
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  8. #8
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    Quote Originally Posted by TopDogger View Post
    I did read through the first failed health care bill that was made public before the vote, but that one was only about a thousand pages. I cannot stomach reading one that is 2.5 times longer and filled with unintelligible legal gibberish.

    I don't see how any politician in their right mind can pass a law that they have not read and do not understand, even though it was made public prior to the vote that some sections contain clauses that say that the section cannot be changed--EVER--even by Congress. I suspect the "in their right mind" bit explains it all.

    Lord love a duck! How do these people ever get elected?
    Even reading the law won't help you understand it. There are too many references to other laws outside of the Obamacare law. Worse, the CMS and the other implementing agencies are making the rules and these final rules are not even finalized.

    I think the average Joe will just pay the penalties which start as low as $95 in 2014.

  9. #9
    Well it is now known that obamacare is gutting medicare.
    Some procedures that were covered by medicare will now either not be paid at all or only a part will be paid, leaving it up the the patient to pay the rest.
    My insurance company has already said that because of this, premiums may go up or the copay will rise, or maybe both.
    Medicare is my first then my insurance takes up the slack.

    The insurance industry has said, by 2016 either private (individual) insurance will no longer be an option, or the rates will be so high few can afford it.

    2014 is the pivotal year for obamacare, when a great majority of it hits.
    Even the IRS knows nothing, so they are making up rules and regulations as they are needed.

    Going to be a rough one for everyone, even those who are on welfare.

    Doctors now are not accepting medicare patients, and more doctors are looking at either getting out of the business or going strictly cash.

  10. #10
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    Quote Originally Posted by iowadawg View Post
    Going to be a rough one for everyone, even those who are on welfare.

    The insurance industry has said, by 2016 either private (individual) insurance will no longer be an option, or the rates will be so high few can afford it.

    Doctors now are not accepting medicare patients, and more doctors are looking at either getting out of the business or going strictly cash.
    This is what the Obamacare is designed to do which is to wipe out all the insurance companies and leave only a single payer option. The government is also taking over student loans, and without a medicare fix doctors will go bankrupt.

    This is going to be one hell of a problem when the bill comes due.

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