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Oct 16, 2020 3 min read

Obamacare Failed, We Can All Agree

Obamacare Failed, We Can All Agree

Every single Democratic presidential candidate in the 2020 election cycle joined President Trump in agreeing that Obamacare is a failure. Why is that?

Sources: Washington Examiner

The Failures

Obamacare was a failure for a number of reasons - but here are some of the core reasons it seems both parties have, to some extent, turned against it:

  • The Affordable Care Act has not improved coverage in many ways.
  • The quality of care has not been shown to have increased.
  • The majority of the increased insurance enrollment has been with Medicaid expansion.
  • Obamacare doesn't work well for the working and middle class.
  • The Affordable Care Act isn't financially sustainable

Sources: PubMed

Increased Costs For Americans

Obama promised that families would see premiums drop by $2,500, but premiums more than doubled in the four years after the law passed.

They went up faster in the five years after Obamacare than in the five years before.

In 2018, costs had risen by another 19% for high-cost plans and 32% for the cheapest plans, according to a study by the Urban Institute.

Overhead costs now claim a bigger share of national health spending than they did before Obamacare – going from 6.7% in 2010 to 8.4%.

The average deductible for people with employer-provided health coverage last year was $1,221 compared to $303 in 2006.

Sources: Forbes, Heritage, Urban Institute, Centers for Medicare & Medicaid Services

Less Were Insured Than Estimated

The CBO claimed there would be 24 million people getting insurance through the Obamacare exchanges by now. The actual number: 9 million. That's 15 million less than estimated.

The number of uninsured was supposed to drop to 23 million or 8% of the population. This year, 32 million people or 11% of the population lack insurance.

Sources: Forbes, Heritage, CBO

Fewer Options

According to federal and state data of insurer exchange options per county, more than 50% of our nation’s counties had only one insurer in 2018.

Over 30% of counties are limited to two insurers. This means roughly 4 of 5 counties will have either just one or two Obamacare exchange insurers to choose from.

Sources: Forbes, Heritage

31 Million Uninsured by 2023

Millions of families are losing their insurance because of increased costs due to Obamacare. They simply can’t afford the expensive health insurance that Obamacare requires. A dad in Fredericksburg, Virginia, said his health insurance premiums cost $4,000 a month— more than his mortgage. He doesn’t get subsidies and isn’t sure he can continue to provide insurance for his family.

The Congressional Budget Office projected that by 2023—more than a decade after implementation—that 31 million people would still be uninsured.

Sources: Forbes, ThoughtCo

The Individual Mandate Was A Tax On The Poor

The penalty is paid chiefly by lower- and middle-class Americans, according to the IRS.

More than half the total penalty payments – 58% – come from people earning less than $50,000. Eighty-six percent is from people earning less than $100,000.

Slashing Obamacare’s requirement to buy health insurance amounted to a tax cut for low-income Americans. Republicans were right.

Sources: WashingtonPost, IRS

Way More Expensive Than Estimated

The bill was framed as only costing that $900 billion over a decade, which included four years before most of the provisions were implemented.

In order to get the bill under $1 trillion, taxes and cuts were added.

CBO figures projected the cost of the first decade of Obamacare at closer to $1.8 trillion. The CBO concluded that repealing Obamacare would save $338 billion over the next decade.

The projected budgetary cost of Obamacare subsidies and Medicaid expansions from 2018 to 2027 now totals $4.8 trillion.

Sources:Heritage, ThoughtCo, CBO

Medicaid Enrollment Exploded

The vast majority of Americans who have received insurance under the Obamacare law have enrolled in Medicaid. Medicaid enrollment has soared from 55 million to 74 million since 2013.

Yet many physicians, health clinics, and hospitals don’t accept Medicaid. This means tens of millions of Americans often can’t choose the doctor, hospital, or treatment of their choice.

The Question Now...

Given Obamacare's clear failures, do Americans truly want what Joe Biden, who worked with President Obama closely on launching Obamacare, to launch what he referred to as "Bidencare"?

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