6.5 million Americans paid Obamacare fine rather than pay for out of control medical premiums
For the tax year ending 2016, 6.5 million Americans felt it was cheaper to pay the Obamacare fine/tax than pay for spiraling out of control premiums. ¬†Yet perhaps what is even more poignant is the fact that only 40% of low income Americans even bothered with applying for Federal subsidies to help pay for their medical costs.
Thus proving that most people never wanted government controlled healthcare to begin with, and that it appears to have been little more than a political mechanism to kill the system and eventually bring in a completely socialist and government run program.
For those who still aren’t convinced that Obamacare is trapped in an inescapable death spiral that will inevitably end in nothing short of an epic collapse of the federal and state health insurance exchanges, perhaps you should consider the following facts from the¬†National Review¬†and¬†Mark Farrah and Associates.
–¬† Four heavily promoted open enrollments have taken place run by the Obama administration and the state exchanges.
–¬† Federal law has required people to purchase insurance or pay a fine ‚ÄĒ and the individual mandate was administered through 2016 by the Obama administration. In fact,¬†in 2015, 7.5 million people paid the fine, while 6.5 million paid the fine in 2016, according to the IRS.
–¬† Every one of the people in the insurance market earning less than 400 percent of the federal poverty level were eligible for premium assistance ‚ÄĒ and those below 250 percent of the poverty level were also eligible to have their deductibles and co-pays subsidized.
–¬† After all of this,¬†only about 40 percent of those eligible for subsidies have signed up for coverage.¬†In what other business or government program would such a dismal acceptance by those it was targeted to serve be considered a success?
–¬† The¬†number of insurance companies participating is on track to shrink by 38 percent in 2018.
And then there is the chart below…if people really saw “value” in Obamacare¬†wouldn’t you expect that more than 2% of the people who don’t qualify for subisidies would sign up? –¬†Zerohedge
In the end one has to ask why the Republican congress was so afraid of simply scrapping the entire program and allowing the markets to take over after a short time of subsidizing individuals until the insurers could restart their former programs. ¬†Because if most people, and especially the poor the Democrats were trying to co-opt through the creation of Obamacare aren’t even applying for free money, then was this even an issue for the American people to begin with?
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.