By repealing Obamacare, health insurance markets could help drive down costs and force insurers to compete for our business with products tailored to our specific healthcare needs – including innovating to deliver better care at lower costs to the relatively small population in the individual maret with pre-existing conditions.
Under Obamacare millions of people have seen triple premiums, canceled plans, and drastically diminished provider options. Indeed, some are paying more for their monthly healthcare premiums than for home mortgages.
Under Obama care premiums will continue to rise as younger, healthier people opt out of Obamacare’s exchanges and the sick and indigent makeup larger proportions of the exchange population. The reason for these continued premium increases is that Obamacare’s federal health insurance mandates – guaranteed issue, community rating, essential health benefits, under-26 mandate – all remain a part of the law. These onerous federal requirements on issuers are responsible for patients and families’ exorbitant costs, diminished care quality, narrowed provider networks, and the degradation of the overall system.
When considering repeal of Obama care it’s important to remember the laws most glaring failures:
Despite repeated promises of premium reductions, Obama care has delivered major increases.
In the employer-sponsored market, costs continue to increase. According to the Kaiser family foundation, average family premiums for employer-sponsored plans have increased almost 32% from 2010-2017.
In the individual market, the average nationwide premium increase has been 99% for individuals and 140% for families from 2013-2017, according to e-Health.
- Choice and competition
Relative to the individual market prior to the law’s implementation, insurance competition has always been limited on Obama cares exchanges. However competition has continued to decline, with 2017 being the worst year yet.
Heritage foundation research shows that 70% of U.S. Counties have only one or two insurers offering coverage on the exchange in 2018.
- Exchange Enrollment
The Obama administration estimated that the average monthly affected enrollment in the exchanges was 10.4 million people in 2016 this is significantly below the original projections from the Congressional Budget Office, which estimated that 21 million people would be getting their coverage through the laws Government exchanges in 2016.
- If you like your plan, but the government doesn’t, you can’t keep it
When Obama cares insurance rules and mandates took full effect in 2014, insurers were forced to cancel existing plans that didn’t comply with the new standards. A tally put together by the Associated Press shows that there were at least 4.7 million plan cancellations across 30 states.
This situation cannot persist. It’s unfair, insanely expensive, and threatens the financial security of millions of American families. Now is the time to Repeal Obamacare – before it causes even greater damage to Americans’ financial security.