Among the many fictions President Obama and his supporters are currently peddling is this one: the insurance policy you will get on an Obamacare exchange will be vastly better than the one you were just forced out of.
Once the nation understands it, they believe, the tide of public opinion will turn toward Obamacare.
Apparently, this is not merely a convenient fiction sold to the uninformed masses. Since President Obama and his supporters seem fervently to believe it, it counts as self-delusional.
Dr. Scott Gottlieb ran the numbers for the new Obamacare policies. By his anlaysis most of those who buy policies through the exchanges will get less coverage at a greater expense.
Your government at work: making a mess of the private insurance market and damaging citizens in the process.
One analysis found that the average deductible for someone who enrolls in a “Silver” plan is more than twice the deductible for employer-sponsored coverage. Deductibles for the lowest-cost “Bronze” plans (which cover only 60 percent of projected medical costs) average $5,150 for an individual and can be as high as $6,350 or $12,700 for a family of four.
So exchange insurance isn’t so great if you actually get sick.
Say you come down with a slipped disk in your back, and run up medical bills of $10,000 for imaging and doctor visits: You’ll be on the hook for at least $5,000 of that with a Bronze plan, on top of $3,000-plus for your premiums.
And you may have to pay the entire bill for any out-of-network care you choose — as well as for any medications. Typically, only 60 percent of drug costs are covered, and newer drugs are restricted by the plans in favor of mostly generic medicines.
Gottlieb does mention that anyone who did not have insurance or who qualifies for government subsidies will be better off than they were before. The question is: at what price? And, who is going to pay?
Consumers can get subsidies to help offset these costs. But based on my calculations, unless you’re earning less than about $60,000 for a family of four, or $30,000 for an individual, the subsidies are probably too low to offset the higher costs you’ll pay for ObamaCare versus your prior coverage.
ObamaCare’s most striking feat has been to simultaneously degrade the quality of private insurance, while also making the resulting health plans unaffordable. The plans are so costly that people need government subsidies just to afford the premiums.
Those who qualify for small subsidies or none at all are squeezed the hardest — forced to buy a costly plan with no help from the government.
A family of four earning $95,000 a year (a sliver too much for any subsidy) could spend close to 25 percent of its after-tax income on a “Silver” plan.
ObamaCare will beat being uninsured for working-class Americans who qualify for the best subsidies. For many others, the president’s oft-repeated promise that ObamaCare will trump your old coverage will just be another falsehood.