A new report from the Society of Actuaries – financial risk professionals that estimate long-term costs for pensions, insurance, and the government – estimates that the cost of health care claims – the “most important driver” of insurance premiums – in Utah’s individual insurance market will increase 28 percent under Obamacare. Nationally, these health care costs are expected to go up by 32 percent, on average, and as many as 43 states are estimated to experience double-digit increases in the health care claims cost.
Unsurprisingly, the Obama administration pushed back on the study. What is surprising is that they pushed back because it “ignored cost relief strategies in the law, such as tax credits to help people afford premiums and special payments to insurers who attract an outsize share of the sick” … tax credits and special payments that are paid for by the same taxpayers whose health insurance will be made “affordable” by them.
In other words, based on this report and as common sense would suggest, the massive increases in federal health care regulation that will occur under Obamacare are indeed going to make health care more expensive for many people. This will either happen directly through increases in health care premiums, or indirectly through the higher taxes necessary to pay for the tax credits and special payments in the law.
Perhaps this is one reason why not very many politicans who passed the law are publicly defending it.