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Report: 'Obamacare' will lead to skyrocketing premiums, as high as 200 Percent Possible

By Catholic Online (NEWS CONSORTIUM)
March 21st, 2013
Catholic Online (www.catholic.org)

Three congressional committees, after months of exhaustive research have yielded startling news about the dire effects of health care reform, aka "Obamacare." U.S. President Barack Obama's signature legislation could increase health insurance premiums by over 200 percent -- rendering insurance coverage unaffordable for millions of Americans, breaking "its core promise" to make healthcare coverage affordable.

LOS ANGELES, CA (Catholic Online) - Entitled "The Price of Obamacare's Broken Promises," the report was prepared by House Committee on Energy and Commerce, Majority Staff; Senate Committee on Finance, Minority Staff and Senate Committee on Health, Education, Labor and Pensions, Minority Staff.

"Studies and analyses from the Congressional Budget Office, independent actuaries, state insurance commissioners, health plans, benefit consultants, and others have reached the same conclusion: Obamacare will significantly increase premiums," the congressional report states.

"Some estimates show some Americans facing startling premium increases of 203 percent because of the law.

"Higher healthcare premiums are the last thing single young adults and working families can afford. Yet contrary to what the president promised, that is exactly what Obamacare is projected to do."

The most costly requirements go into effect in 2014. Households earning as much as $46,000 a year will receive no premium assistance, yet will be forced to accept "unaffordable" premium increases, the report states.

The Affordable Care Act will be particularly harsh on young Americans ages 21 to 29, as those with individual coverage will see their healthcare premium rise by an average of 189 percent.

In addition, the healthcare reform bill mandates that individuals pay the same premiums regardless of future anticipated medical expenses, leading to sharply increased premium costs for those under 50.

Obamacare also requires that individuals purchase coverage that includes a range of "essential" health benefits, including coverage for preventive services, chronic disease management, and rehabilitative services. This restricts consumers' choice in the design of their health plans as well as adding to their insurance premiums.

The law imposes $165 billion in new taxes and fees on health plans, drug manufacturers, and device makers, and these costs will be largely passed on to consumers in the form of higher premiums.

One study predicts that Obamacare's health insurance tax will boost premiums by more than $7,000 over ten years.

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