Obamacare Costs

The Affordable Care Act is running up some significant costs, and various news organizations have been keeping track of the Obamacare costs.

Let’s start with the estimated cost to taxpayers. The ten-year estimates vary from $1.8 trillion to $2.6 trillion depending on which estimate you use. The lower estimate comes from the Congressional Budget Office. The higher estimate comes from the Republican Senate Budget Committee that believes the CBO number has too many overly optimistic assumptions. Either way, we are talking about costs much greater than was promised when the Affordable Care Act was being debated in Congress.

For many weeks, the media has been reporting that the cost of the health care website was approximately $600 million. A Bloomberg analysis calculated that it would top $1 billion once you factor in the cost of the website and the supporting structures.

What is the cost to people who have lost their health insurance? An Associated Press article estimates that 3.5 million Americans have already lost their health insurance. But many more will also lose theirs. There are approximately 19 million people in the individual health insurance market. Before President Obama’s announcement last week, some estimated that as many as 16 million could lose their health insurance.

There is another incidental cost to Obamacare. Tens of thousands of workers have seen their jobs cut or their hours cut. Investors Business Daily has been keeping a record of employers that have cut jobs or hours. Already that number is over 350 employers.

Perhaps the greatest cost will be the additional costs so many will be paying for new health care policies. Young men and women will see their premium costs rise dramatically under Obamacare, but everyone will see an increase either in premiums or deductibles or both.

Each day we are finding more evidence that the Affordable Care Act is actually unaffordable. This is not what we were promised a few years ago when the bill was debated.

Leave a Reply

Your email address will not be published. Required fields are marked *