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Obamacare Costs Significantly Rising

Posted by Steve Markowitz on April 21, 2013

Bloomberg News Service has published an article titled Obama Trims Details on Health Law as Exchange Cost Rises that reviews some significant problems already being encountered with the implementation of the “Affordable Care Act”, Obamacare.  The Bloomberg article begins with the following statement: “The $1.3 trillion U.S. health-care system overhaul is getting more expensive and will initially accomplish less than intended.”  It also included the following information:

  • Costs for a network of health-insurance exchanges swelled to $4.4 billion for 2012 and 2013 combined, and will reach $5.7 billion in 2014.  That more than doubles initial projections.  Making this even more expensive is the fact that less than half of the 50 U.S. states are participating.
  • The exchanges that are supposed to open in on October 1, may not be easy for low-income people to navigate.
  • The number of Americans projected to gain insurance has eroded by at least 5 million.  Also, about 8 million people will lose health-care plans now offered through their employers, three times the initial projections.

It has become evident that Obamacare will offer significantly less benefit to society than promised and will cost significantly more.  The already known issues are just the beginning of the problems.  Costs will increase significantly more and the problems will grow as the implementation continues.  This is not a surprise to those who have an understanding of the operations of markets, businesses and basic human nature, expertise lacking of many Progressives.

As with any government program, irrespective of efficacy, once started they cannot be stopped even if they fail at their intended goals.  Such is the case with Obamacare with Washington Democrat Sen. Maria Cantwell, an Obama supporter, saying: “It looks like what they’re doing is triage.  If this isn’t going to work, forget it.  If that’s not on time, forget it.  Let’s get to the things that we can make work, and declare victory.”  “Declaring victory” is the unfortunate endgame for most government programs.

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