Obamacare, Medicaid & Medicare
In 2014, an expansion of Medicaid, with an increased cost burden for taxpayers, is expected. This is according to the Kaiser Family Foundation which has also projected Obamacare adding another 20 millionnew Medicaid dependents. It is estimated this expansion will add an average of 13% in costs to state budgets in 2014 alone.
The health insurance premium “sticker shock” will continue in 2014 as the reality of higher premiums really hits home. Most Americans, but especially the young and healthy, will have to come to grips with health insurance premium increases anywhere between 50% and 150%. And, to make matters worse, employers will continue to cut full-time workers back to part-time by reducing employees’ hours per week from 40 to 29 or less. This is being done to minimize the number of employees qualifying for the expensive Obamacare-compliant coverage.
Because businesses must pay more to purchase Obamacare-compliant plans, remaining employer-based health insurance policies will have higher out-of-pocket costs for employees, including higher co-pays and deductibles.