Obamacare surprises and clobbers millions of Americans, Subsidy refunds to IRS, Premiums skyrocket, High deductibles unpaid cost to hospitals and taxpayers, Obamacare increases health care spending
“The cost of health insurance will climb from a range of $61 to $77 monthly to a range of $118 to $133 monthly, according to a memo sent from UNC President Tom Ross to the UNC Board of Governors. On an annual basis, most students will pay about $500 to $700 more in 2012-13, depending on the campus.”
“Mallette said the insurance increases are due to the health care usage of UNC system students during the past couple of years, plus federal regulations on preventive care and pharmacy services issued in March. The process is complicated, he said, by the new provisions of the Affordable Care Act.”…Charlotte Observer May 1, 2012
“If you like your plan, you can keep it.”…Barack Obama
“millions of Americans are getting or are about to get cancellation letters for their health insurance under Obamacare, say experts, and the Obama administration has known that for at least three years.”…NBC News October 29, 2013
The Washington Examiner article below warns of surprises to as many as 3.4 million tax filers of Obamacare subsidies that could impact their tax refunds.
That may be the good news.
Millions of Americans have already been shocked by premium increases as large as 100 percent. Average increases in some states are 45 percent.
What you probably are not being told about is the hidden problem of high deductibles and the impact on the US economy. More people with higher deductibles will not be able to pay them and the hospitals and healthcare providers will have to absorb the costs and ultimately pass them on to the American public.
I was discussing this problem recently with a friend who owns a Tax/accounting business. He told me that recently he was at a seminar and heard a hospital administrator explain this very topic.
Do not be fooled by the Orwellian Obama controlled mainstream media as they attempt to cover for Obamacare and the economy.
From Zero Hedge December 23, 2014.
“Fast forward to today when as every pundit is happy to report, the final estimate of Q3 GDP indeed rose by 5% (no really, just as we predicted), with a surge in personal consumption being the main driver of US growth in the June-September quarter. As noted before, between the second revision of the Q3 GDP number and its final print, Personal Consumption increased from 2.2% to 3.2% Q/Q, and ended up contributing 2.21% of the final 4.96% GDP amount, up from 1.51%.
So what did Americans supposedly spend so much more on compared to the previous revision released one month ago? Was it cars? Furnishings? Housing and Utilities? Recreational Goods and RVs? Or maybe nondurable goods and financial services?
Actually no. The answer, just as we predicted precisely 6 months ago is… well, just see for yourselves.
In short, two-thirds of the “boost” to final Q3 personal consumption came from, drumroll, the same Obamacare which initially was supposed to boost Q1 GDP until the “polar vortex” crashed the number so badly, the BEA decided to pull it completely and leave this “growth dry powder” for another quarter. That quarter was Q3.”
From The Washington Examiner January 2, 2015.
“Half of Obamacare subsidy recipients may owe refunds to the IRS”
“As many as 3.4 million people who received Obamacare subsidies may owe refunds to the federal government, according to an estimate by a tax preparation firm.
H&R Block is estimating that as many as half of the 6.8 million people who received insurance premium subsidies under the Affordable Care Act benefited from subsidies that were too large, the Wall Street Journal reported Thursday.
“The ACA is going to result in more confusion for existing clients, and many taxpayers may well be very disappointed by getting less money and possibly even owing money,” the president of a tax preparation and education school told the Journal.
While the Affordable Care Act fines those who don’t have health insurance, it also provides subsidies for people making up to four times the federal poverty line ($46,680).
But the subsidies are based on past tax returns, so many people may be receiving too much, according to Vanderbilt University assistant professor John Graves, who projects the average subsidy is $208 too high, the Journal reports.
Tax preparers, who frequently advertise their ability to deliver big refunds, have been working feverishly to avoid customer anger stemming from lower-than-expected refunds due to insurance premiums. They also are trying to make sure customers understand the potential fines for not having insurance.”
“Eighty-five percent of our customers get a refund,” said Kathy Pickering, who directs the H&R Block Tax Institute, according to the Washington Post. “That refund could be offset by the penalty. And if that happens, they’re going to be understandably angry.”