This is important:Since October 1st, more than 1.2 million Americans are poised to gain coverage under Obamacare — and more are picking plans every day.Now, the deadline is coming up to get coverage from the Marketplace in time for the new year. You have until December 23rd to select a plan in order for your health insurance to start by January 1st.
Open enrollment has begun under the Affordable Care Act — also known as Obamacare — and the kickoff has generated tremendous interest from Americans. But there’s still a lot of confusion about how the enrollment process actually works.
The Obama administration hopes 7 million people will sign up for insurance during the 2014-2015 year, and more than 1 million Americans visited Healthcare.gov before 7 a.m. ET on the first day of enrollment alone.
The Romney/Ryan Medicare plan is pretty straight forward: end the guaranteed benefit, and transition seniors into a voucher system — effectively giving the elderly a coupon towards private insurance. What happens when the value of the coupon fails to keep up with rising costs? Too bad — you should have thought of that before Election Day 2012.
To hear the Republican candidates tell it, this is worthwhile anyway, not because they’re obsessed with privatization or tearing down public pillars of American society, but because upending the entire Medicare system would save money and improve our broken finances.
The detail that often goes overlooked is how exactly turning Medicare into vouchers would “save money.” As a practical matter, the Kaiser Family Foundation found, it’d save thegovernment money, but cost you more, even if you opted to stay in the public system.
Using 2010 data as a model, Kaiser’s study found that among seniors who chose toremain in traditional Medicare, more than half would have paid higher premiums. Just under half would have paid the same. That would’ve yielded an average premium hike of $720 annually for seniors who chose to remain in traditional Medicare.
Among seniors with private Medicare Advantage plans, 88 percent would have paid higher premiums unless they switched to a cheaper plan with less generous benefits. On average, seniors already in private plans would have paid $1,044 more annually, according to the study.
Taken together, 59 percent of Medicare beneficiaries would have ended up paying higher premiums than they do in the current system if they remained in their current plan.
In fairness, the Kaiser Family Foundation’s research had to fill in certain gaps because the Romney/Ryan campaign refuses to explain in detail how their proposal would work. But based on all available information, the analysis is more than fair. Full Article
Obamacare by the numbers
We’re already seeing clear signs that Obamacare is working. Reports show that consumers have saved more than $2 billion on their premiums with the help of Obamacare’s protections against overcharging by insurance companies. And the Census Bureau reported this week that the number of uninsured Americans fell from 16.3 percent to 15.7 percent this year — the first decrease in years. Take a look at this post on Obamacare’s impact, and be sure others do, too.