"When it becomes law, families will save on their premiums," President Obama declared in his weekly radio address before Christmas, pitching his health care reform.
If you've got health insurance, get ready for higher premiums.
If only that were so. Nobody who tracks health insurance sees any sign of softening premium prices for people who already have insurance, Obamacare or not. Premiums for 2010 were up 10% and are predicted to keep growing at the same rate in coming years.
Health insurance is beginning to resemble air travel--where deep-pocketed business passengers subsidize penny-pinching vacationers. Insurance companies, under the measures in Congress, would be forced to take all comers, young and old, healthy and sick. Over ten years they would confront $871 billion in spending on uninsured and newly subsidized customers, costs that would be passed along to the young and healthy. The federal government isn't going to pick up all of that tab. So those now insured through a private plan at work or one bought individually will have to chip in.
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