I am self employed in NC. I have worked in the trenches of health care for 30+ years. I have been a Democrat since I was 18. I just met with end of year financial planning with my accountant. And I am furious. I feel betrayed by the ACA. Betrayed by Democrats.
My health insurance premium is going up at least 20% in 2016. It’s gone up more under Obama’s 8 years than it did under Bush’s 8 years. I am told that NC insurers have been given the go-ahead that they can increase premiums up to 35% and we might get letters revising our 20% increase up to a 35% increase.
My premium in 2016 is almost the same as my mortgage now. By 2017, it will be more than my mortgage.
And, per ACA, in 2016 payroll taxes — another 15% — will be levied on my health insurance premiums. So add another 15% to the current 20% (possibly 35%).
Oh that’s not all.
In 2018, when your health insurance premiums exceed $10,000 (or > $833/mo), you will have another 40% levied on your annual health insurance premiums. [ corrected: it seems that the 40% tax will be on any amoun over $10k cost of health premiums for a single]/ This is called the “Cadillac Tax”. So you’re screwed already by the rapidly escalating premiums since ACA. And then, the government wants to penalize you (???) for being so unfortunate as to have massively expensive health insurance.
Capital gains are taxed at 15%. Health insurance over $10k at 40%. Who do you think your government works for?
I really can’t wrap my head around this.
Oh, you say to avoid that 40% cadillac tax just change insurance? I was promised that my health insurance wouldn’t change, and if I liked it I could keep it. Bullshit. ACA is a big, deep, wet kiss to the Health Insurance industry, paid for by the middle class. Sold out by our government — both Dems and Repubs.
So to avoid that 40% tax I need to get worse coverage, worse benefits. Incredible. Thanks Obama.
Yes, I have seen the ACA give insurance to folks who never had it. They were able to get tests and medications that they needed. Still I think it is deeply, deeply flawed.
It is deeply flawed for the reasons I give above.
It is deeply flawed because there is no public option. These rapists insurance companies have no honest competition.
It is deeply flawed because deductibles are so high that people STILL can’t afford doctor visits, medications, tests and STILL have to pay for an expensive premium. www.nytimes.com/...
It is still feeding a grossly inefficient for-profit system. I am no economist, but it is going to significantly negatively impact the financial status of all self employed Americans in a few short years.
In my case, by 2018 I will kiss good bye to $14,000 a year for health insurance with a $2500 deductible— a significant chunk of my income. That will be $14, 000 that will NOT be going into my local economy, much less into the corporate pockets of non-health care companies. $14, 000 will not be going into food, paying off mortgage, retirement, house upkeep, clothes, entertainment, purchases.
Meanwhile, Democratic front-runner Hillary Clinton is all in for ACA and took a swipe at the single payer system earlier this month :
She did not mention Sanders by name at a rally at a Dallas community college, instead saying, "One thing we should not do is follow a proposal that has been made by one of my opponents."
And Hillary in 2014:
Hillary Clinton has confirmed, to a paying audience of 20,000 sellers of electronic health records systems, that she supports Obamacare, and opposes single-payer health insurance.
Speaking to a closed-to-the-press meeting of the "HIMSS14" (Healthcare Information and Management Systems Conference 2014) in Orlando Florida on February 26th, she condemned the Canadian and other nations' single-payer healthcare systems by saying, "We don't have one size fits all; our country is quite diverse. What works in New York City won't work in Albuquerque." The presumption is that what works in Canada cannot work here, that local control must trump everything in order to fix what's wrong with American health care.
Hillary talks tough but not always straight:
When asked during the Democratic presidential debate what enemies she was most proud to have made, Hillary Clinton named pharmaceutical and health insurance companies at the top of her list. But that hasn’t stopped the Democratic front-runner from accepting millions of dollars in campaign cash from both industries in the course of her political career, financial disclosure records show.
Since her first bid for Senate in 2000, Clinton has accepted nearly $1 million from drug and health companies and more than $2.7 million from the insurance field and its related sectors, according to an analysis of public records from the Center for Responsive Politics.
Big surprise, in 2006
According to Center for Responsive Politics, a non-partisan group that tracks campaign finance filings, Clinton has received $781,112 in contributions from the health-care sector during the current election cycle, which makes her the No. 2 recipient of funds from that sector, behind only Sen. Rick Santorum, R-Pa., who received $977,354.
Contrary to the Democratic frontrunner, Sen. Bernie Sanders is advocating for single payer. www.sanders.senate.gov/… There might be an increase in payroll taxes but we ALREADY are getting an increase in payroll tax! And paying outrageous rates for premiums with high deductibles. Bring on Single Payer, Medicare for All, Public Option. Bring on the candidate that understands the financial stressors on the middle class and who fights for them.
Meanwhile, in the realm of Health Insurance CEO pay:
In 2014, Stephen Hemsley, CEO of the health insurance company UnitedHealth Group, reportedly took home more than $66 million in salary, stock options and other forms of compensation. If that paycheck seems handsome, it wasn’t. At least, not when you compare it to Hemsley’s total pay five years earlier, when it amounted to $102 million.
And from www.fiercehealthpayer.com/...
The CEOs of the Big Five for-profit health insurance companies all took home at least $10 million in 2014, according to each insurers' annual filings with the Securities and Exchange Commission (SEC).
Payer CEO compensation ranged from $10.1 million for Humana CEO Bruce D. Broussard to more than $15 million for Aetna CEO Mark Bertolini. Compensation for the Anthem, Cigna and UnitedHealth CEOs also fell in that range. To be fair, each company performed well in 2014--health insurance stocks hit an all-time high in January 2015 and have continued to climb since then.
Aetna CEO Mark Bertolini: $15 million
Anthem CEO Joseph Swedish: $13.5 million
Cigna CEO David Cordani: $14.5 milion
Humana CEO Bruce Broussard: $10.1 million
We are actively being screwed by our government — Republicans and Democrats alike. No wonder there are more Independents than there of either Dems or Republicans.
Please correct me if I’m wrong: Has any Dem addressed any of these issues I write about?