ObamaCare cost will push total health expenditures to $5 trillion a year by 2022, according to a document obtained by People’s Pundit Daily from the Center for Medicare and Medicaid Services.
President Obama and the Democrats have taken to claiming that the cost of health insurance has been accelerating in the last decade, but are projected to slow because of ObamaCare cost. However, that’s simply not true, and the president’s new health care law will be “financial Armageddon,” just as then-soon to be Speaker of the House John Boehner first said in 2009.
“In 2014, national health spending is projected to rise to 7.4 percent, or 2.1 percentage- points faster than in the absence of reform [or, passing ObamaCare], as the major coverage expansions from the Affordable Care Act (ACA) are expected to result in 22 million fewer uninsured people (compared to estimates that exclude the law’s impacts). Increases in Medicaid spending growth of 18.0 percent and private health insurance growth of 7.9 percent both contribute to this overall acceleration in national health spending in 2014.”
When translated, what the Center for Medicare and Medicaid Services is saying is that due to the influx of new people being thrown and/or eligible for substandard government Medicaid coverage (as previously reported by PPD) and the intentional destruction of the private insurance market, as President Obama now infamously lied about, the estimated ObamaCare cost will skyrocket.
As far as private insurance plans, which a PPD study proved would be eliminated in the private market by ObamaCare altogether far before the mainstream media even acknowledged, the Center for Medicare and Medicaid Services projected whatever remnant of the private market remains is barely left will see major increases in cost.
“In 2014, the coverage expansions under the ACA result in projected private health insurance premium growth of 7.9 percent (4.1 percentage points higher than in the absence of reform) due to an estimated 12.3 million people obtaining coverage through the new exchanges (including 3.1 million newly insured),” the CMS 2011 – 2021 estimates claimed. But under the ACA, or ObamaCare, government-mandated plans are labeled “private plans,” because the real “private” free choice market will have already been eliminated.
Those who followed the health care reform debate may remember the phrase “donut hole.” Prescription drug cost was another mantra of the Democratic Party, who claimed to be a champion of reducing health care cost.
“Consequently, prescription drug spending growth is projected to reach 8.8 percent in 2014 (4.7 percentage-points faster than in the absence of reform) and spending on physician and clinical services is projected to grow at 8.5 percent (3.2 percentage-points faster than in the absence of reform).”
What ObamaCare has done is not only exacerbate the problem of high cost drugs, but eliminated most American’s ability to get quality drugs. And for those who do, for instance the demanding of brand name drugs, will be significantly higher in cost.
With an economy growing at an anemic rate, in large part due to ObamaCare cost associated with business overhead, the prospect of spending $5 trillion per year on health care is sobering. It is little wonder that public approval of the law is getting worse by the day.
