President Obama’s health care law was projected to spend $898 billion over ten years when it was passed. That price tag largely masked the true ten-year cost because of the delayed implementation of the law, and the CBO revised its cost estimate in 2013 to show that the law will spend $1.85 trillion in the next ten years.
But, that’s a conservative estimate. Here’s one of the problems that exemplifies Obama’s idiocy. It’s the pre-existing clause……
One of Obamacare’s provisions, the Pre-Existing Condition Insurance Plan, has nearly run out of its $5 billion budget, and HHS Secretary Sebelius has proposed that the states that run the administration of the program find a way to pay for it themselves.
The root of the problem is that the federal health care law capped spending on the program at $5 billion, and the money is running out because the beneficiaries turned out to be costlier to care for than expected. Advanced heart disease and cancer are common diagnoses for the group.
Obama did not ask for any additional funding for the program in his latest budget, and a Republican bid to keep the program going by tapping other funds in the health care law failed to win support in the House last week.
State officials say one likely consequence of the money crunch will be a cost shift to people in the program, resulting in sudden increases in premiums and copayments. Many might just drop out, said Keough.
No doubt. Whodda thunk it? This is caused by the left’s fundamental lack of understanding of anything which concerns money. They simply have no grasp of the concept. Insurance companies didn’t refuse to cover pre-existing diseases because they were a bunch of mean-spirited people. They didn’t cover them because they couldn’t afford them. So the federal government steps in and says they’ll mandate they get covered and make funds available for this. Guess what? It turns out the insurance industry knew more about insurance than the federal government. Shocking, I know.
Obamacare is already out of money and its most onerous provisions have yet to be implemented. Think about this. On the pre-existing clause, alone. We’re only half way through the fiscal year and they’ve burned through the allotted $5 billion. Meaning, that in this relative minor implementation, it will cost us more than $100 billion over the ten-year period of time. And that assumes a relatively static cost of such. We know, because we’re living longer, the cost of R&D, inflation, population expansion, regulatory costs, both present and future, administration, etc….. that this cost will increase significantly over this period of time. And, again, we’ve just barely gotten started on implementing Obamacare. Next year promises to be a horrible debacle.
Zero and Sebelius are now insisting that the states pick up the tab on these costs overruns. Which would be a great plan if the states could, you know, actually afford such.
All of this was entirely predictable. And it was predicted. Things of this nature are the results of when people try to effect changes to things they know nothing about. Because of their unfathomable ignorance, there is no possibility that they’d get anything right. They keep getting things utterly wrong but, are incapable of learning because they don’t like the answers given by people who know.