Frequently Asked Questions
1. Does Obamacare increase taxes?
- Yes. Obamacare includes 21 new or increased taxes that total $1.1 trillion. A dozen of these target low- and middle-income taxpayers, which goes against the Presidentís promise to protect them from tax hikes.
2. Will costs go up under Obamacare?
- Yes. In some states, premiums are expected to rise up to 106%. Even the Presidentís chief health officer, Secretary Sebelius, admitted that premiums will increase under Obamacare.
- Obamacareís premium increases will hurt young people the most. Some will see their premiums increase by over 200%, and 80% of young adults earning more than the poverty line will see an increase in their healthcare costs.
- Obamacare also raises taxes on plans, drugs, and medical devices by $165 billion, the cost of which will ultimately be passed on to consumers.
3. Will I be able to keep my current plan?
- It depends. Many employees will lose their employer coverage. CBO estimates that 7 million will lose their employer coverage because of Obamacare, and up to 80% of small business plans will lose their grandfathered status.
4. Will I still be able to get the healthcare I need?
- It depends. Medicareís own actuaries estimate that 15% of hospitals will have to stop providing services to Medicare beneficiaries because of the costs associated with Obamacare. One report has also estimated that enrollment in employer sponsored drug plans for retirees will drop by nearly 90% by 2016 because of Obamacareís tax increases.
5. What do I need to know to prepare?