Tuesday, October 29, 2013

The Only Thing We Have to Fear is Obamacare

This is how the insurance market breaks down according to the US census:

"According to the United States Census Bureau, roughly 55% obtain insurance through an employer, while about 10% purchase it directly. About 31% of Americans were enrolled in a public health insurance program: 14.5% (45 million – although that number has since risen to 48 million) had Medicare, 15.9% (49 million) had Medicaid, and 4.2% (13 million) had military health insurance (there is some overlap, causing percentages to add up to more than 100%)."

That's roughly 31 million people purchasing individual insurance plans, of which the White House knew 40 to 67% would lose their coverage each year. For those people their premiums and deductibles will double or more.

That is 12.4 to 20.77 million people that will see their living standards drop significantly over the next twelve months. Most estimates show nearly 2 million have already been dropped and it hasn't even been a full month since the Obamacare exchanges went into effect.

What do you think that will do to the economy? What would it do for your budget if your insurance costs double?

If you aren't worried, you should be.

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