- Health costs are soaring. The cost of an employer plan rose last year to $15,000 for a family policy – with cost rising three times faster than the year before. When the full force of ObamaCare hits in 2016, the CBO expects the typical family policy to cost $20,000. And everyone will be required to buy the coverage under penalty of federal law, with only a relatively small number qualifying for subsidies to buy their coverage.
- Price controls. Washington is trying a novel form of price controls by dictating how premium dollars must be spent. This will lead to fewer consumer services and fewer resources for companies to flush out fraud. And it will mean health care costs more, rather than less, as billions of dollars that should go to patient care are consumed with compliance with tens of thousands of pages of new ObamaCare regulations.
- The Small Business Tax Credit is so complicated and has so many strings attached that only 228,000 small businesses have even applied out of the 4.4 million that the administration said needed help. Another failed ObamaCare program – at taxpayer expense.
✔ A BETTER IDEA: Employers would be given the option of providing a defined contribution for health insurance so workers can choose their own coverage in a reformed market built around choice and competition, which will reduce costs. The insurance would be portable and people could take it with them from job to job.