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But only now, as ObamaCare's third anniversary approaches — President Obama signed it into law on March 23, 2010 — is the country starting to find out what the sweeping health care overhaul will actually do.
Officially the "Affordable Care Act," ObamaCare promised to lower premiums for families. But regulators decided to impose a 3.5% surcharge on insurance plans sold through federally run exchanges. There's also a $63 fee for every person covered by employers. And the law adds a "premium tax" that will require insurers to pay more than $100 billion over the next decade. The congressional Joint Committee on Taxation expects insurers to simply pass this tax onto individuals and small businesses, boosting premiums another 2.5%.
In February, the Congressional Budget Office said that 7 million will likely lose their employer coverage thanks to ObamaCare — nearly twice its previous estimate. That number could be as high as 20 million, the CBO says.
In December, state insurance commissioners warned Obama administration officials that the law's market regulations would likely cause "rate shocks," particularly for younger, healthier people forced by ObamaCare to subsidize premiums for those who are older and sicker.
The Federal Reserve's March beige book on economic activity noted that businesses "cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.
IBD reported in February that much of the $800 billion in tax hikes imposed by ObamaCare will end up hitting the middle class, including $45 billion in mandate penalties, $19 billion raised by limiting medical expense deductions, $24 billion through strict limits on flexible spending accounts, plus another $5 billion because ObamaCare bans using FSAs to buy over-the-counter drugs.
The Government Accountability Office reported in January that Obama-Care will likely add $6.2 trillion in red ink over 75 years if independent experts are right and several of its cost control measures don't work as advertised.
The Congressional Budget Office now says ObamaCare's insurance subsidies will cost $233 billion more over the next decade than it thought last year.
Consumers got their first glimpse of life under ObamaCare when the Health and Human Services Department released a draft insurance application form. It runs 21 pages. "Applying for benefits under President Barack Obama's health care overhaul could be as daunting as doing your taxes," the AP concluded after reviewing the form.
Last summer, a study by the Association of American Medical Colleges found that the country will have 62,900 fewer doctors than its needs by 2015, thanks in large part to ObamaCare. At the same time, a survey of 13,000 doctors by the Physicians Foundation found that almost 60% of doctors say ObamaCare has made them less optimistic about the future of health care and they would retire today if they could.
After 10 years, ObamaCare will still leave 30 million without coverage, according to the CBO. As IBD reported, that figure could be much higher if the law causes premiums to spike and encourages people to drop coverage despite the law's mandate.
Next time you run into someone who works for an insurance company ask them how they like THEIR health insurance, insurance companies give the WORST, cheapest plans to to their employees.
2014 is not too far from 2013. The corporate greed and hunger was satisfied by the POTUS. Besides do you have a 401k or any other investments or retirement plan?
Originally posted by buster2010
It was signed into law in 2010 but it doesn't take effect until 2014. Everything you are complaining about is nothing more than corporate greed screwing their employees over.