On some level, we all knew that this was going to happen. Health insurance companies across the United States are announcing that health insurance premiums are going to go up substantially. Why? Well, many of these health insurance companies are openly admitting that they are raising rates because of the mandates contained in Barack Obama’s new health care reform law. Of course when the health care reform bill was being debated, Barack Obama swore up and down that this would never happen. At the time, Obama promised that the average American family would save $2,500 in yearly health care premiums under the new law. But did any of us actually believe that load of nonsense? The instant Obama made his pledge we all should have started reaching for our wallets. Of course this insane “health care reform” law was going to raise health insurance rates. The only question to be answered was by how much.
Already, Americans spend far more for health care than anyone else in the world. According to a recent report, Americans spend approximately twice as much as residents of other developed countries on health care. In return, Americans get surprisingly low quality and far less efficiency than other nations are able to achieve.
But soon Americans will be paying even more for health insurance.
According to The Wall Street Journal, the following are just some of the health insurance companies that have announced rate hikes that are at least partially attributed to Obamacare….
*Aetna says that the extra benefits that the new health care reform law is forcing it to cover are behind rate increases for new individual plans of 5.4% to 7.4% in California and 5.5% to 6.8% in Nevada.
*Regence BlueCross BlueShield of Oregon claims that the cost of providing additional benefits under Obamacare will account for 3.4% of a 17.1% premium rise for small employers.
*Celtic Insurance claims that half of a whopping 18% health insurance premium increase it is seeking comes from complying with mandates in the new health care law.
All over America, health insurance for an individual premiums are absolutely soaring. Whether it is as a result of Obamacare or not, health insurers have decided that this is the seasons to raise rates. Just consider the following excerpt from a recent article on Fox News….
Here is the terse reason CareFirst/Blue Cross/Blue Shield of Washington gave its subscribers for raising a monthly premium from $333 to $512 on a middle aged man who is healthy, is not a smoker and is not obese: “Your new rate reflects the overall rise in health care costs and we regret having to pass these additional costs on to you.”
512 dollars a month for health insurance for one person?
The American people cannot possibly afford this nonsense.
But thanks to Obama, we are all now going to be forced to buy health insurance. Barack Obama, Nancy Pelosi, Harry Reid and the rest of the Democrats have created a national health care nightmare and every single one of us is going to pay dearly.
And the health insurance companies don’t even need the money. In fact, they are making record profits already. The truth is that America’s health insurance companies increased their profits by 56 percent in 2009.
Yes, you read the correctly.
And now they are about to make even more money as they raise rates on you and I and the rest of the American people.
You see, the reality is that the large health insurance companies don’t just make millions of dollars in profits.
They make billions.
According to a report by Health Care for America Now, America’s five biggest for-profit health insurance companies ended 2009 with a combined profit of $12.2 billion.
That is the real reason why health insurance companies like to raise rates so much.
They have got to keep the record breaking profits rolling in.
For example, did you know that the top executives at the five largest for-profit health insurance companies in the United States received nearly $200 million in total compensation in 2009?
I would like to get a little slice of that.
Life is good if you are a health insurance executive these days.
They seem to particularly like to stick it to small businesses.
According to an article on the Mother Jones website, health insurance premiums for small employers in the U.S. increased 180% between 1999 and 2009.
Things have gotten completely and totally out of control.
As I have written about previously on our sister site, the entire U.S. health care industry has become all about making as much money as possible. It has become an industry that is far more about greed than it is about actually taking care of people.
Meanwhile, the American people are getting drained in multiple ways.
We are all going to have to pay much higher health insurance rates and we are all going to have to pay higher taxes to pay for all of the new bureaucracy in the new health care law.
The reality is that there is no way that we can afford this new health care law. At this point, 61% of all American voters believe that the health care law will increase the federal deficit.
Without a doubt, Obamacare has quickly become one of the most unpopular laws in U.S. history. In fact, the political winds have shifted so much that now even many Democrats are openly campaigning against the health care reform law as the midterm elections approach.
So let us hope that at some point Obamacare gets repealed.
But for now, health insurance companies will continue to use Obamacare to continue to stick us with huge rate increases.
Isn’t our system great?