Obama Admin to Bailout Insurance Companies for Obamacare Losses up to $1 Trillion by befurther ..... Conspiracy Forum
Date: 1/16/2014 1:07:20 PM ( 10 y ago)
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There is much that isn’t discussed about Obamacare. The fact of the matter is that the law is simply too large and complicated for any one person to read, understand and apply. The towering monument to bureaucratic dysfunction, Obamacare’s rules and regulations has a wide variety of crooked deals within the tome and, according to a new report by the Weekly Standard, the law is offsetting the staggering losses felt by insurance companies at taxpayer expense.
Then-Speaker of the House Nancy Pelosi once famously asserted that our supposed leaders needed to pass Obamacare “to see what is in it.” Never, perhaps, had anything so backwardly stupid been uttered by an elected official and yet, here we are, saddled with both Obamacare and Pelosi as minority leader in the House.
According to the report, insurers are not sweating as Obamacare’s consequences are being realized since they are promised to be reimbursed by taxpayers to the tune of $1 trillion dollars.
The Obama Administration is trying desperately to coerce Americans into buying the products of insurers; however, the federal government is prepared to bailout companies for losses. The Weekly Standard reports:
Robert Laszewski—a prominent consultant to health insurance companies—recently wrote in a remarkably candid blog post that, while Obamacare is almost certain to cause insurance costs to skyrocket even higher than it already has, “insurers won’t be losing a lot of sleep over it.” How can this be? Because insurance companies won’t bear the cost of their own losses—at least not more than about a quarter of them. The other three-quarters will be borne by American taxpayers.
For some reason, President Obama hasn’t talked about this particular feature of his signature legislation. Indeed, it’s bad enough that Obamacare is projected by the Congressional Budget Office to funnel $1,071,000,000,000.00 (that’s $1.071 trillion) over the next decade (2014 to 2023) from American taxpayers,through Washington, to health insurance companies. It’s even worse that Obamacare is trying to coerce Americans into buying those same insurers’ product (although there are escape routes). It’s almost unbelievable that it will also subsidize those same insurers’ losses.
But that’s exactly what it will do—unless Republicans take action. As Laszewski explains, Obamacare contains a “Reinsurance Program that caps big claim costs for insurers (individual plans only).” He writes that “in 2014, 80% of individual costs between $45,000 and $250,000 are paid by the government [read: by taxpayers], for example.”
In other words, insurance purchased through Obamacare’s government-run exchanges isn’t even full-fledged private insurance; rather, it’s a sort of private-public hybrid. Private insurance companies pay for costs below $45,000, then taxpayers generously pick up the tab—a tab that their president hasn’t ever bothered to tell them he has opened up on their behalf—for four-fifths of the next $200,000-plus worth of costs. In this way, and so many others, Obamacare takes a major step toward the government monopoly over American medicine (“single payer”) that liberals drool about in their sleep.
Laszewski adds, “The reinsurance program has done and will continue to do what it was intended to do; help attract and keep more carriers in Obamacare than might have otherwise come.” Thus, Obamacare is being aided by having taxpayers subsidize big insurance companies’ business expenses.
The federal government is offering subsidies to those who can’t or won’t pay for their health insurance. They’re paying money on the other end of the deal by dealing money to the insurance companies. Meanwhile, lawmakers who swore that Obamacare was a good thing for the American public have noticeably exempted themselves from the disastrous healthcare overhaul.
Obamacare is a bad deal for the American people, it is a bad deal for insurers and it is certainly a bad deal for taxpayers. Still Democrats continue their refusal to admit what Americans are (too) slowly realizing- that Obamacare is a sinking ship of financial unsustainability and unethical backroom deals.
About Greg CampbellA former contributor for The Oregon Commentator, a conservative journal of opinion, Greg is the Chief Political Analyst and Correspondent for The Tea Party News Network and a regular contributor for RightWing News. Greg is an unapologetic defender of Constitutional principles and the free-market system. His area of expertise is firearm and Second Amendment-related issues. He lives in Nevada with his wife, Heather, and enjoys writing, marksmanship and the outdoors.
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