Six years after the enactment of Obamacare, here’s what we know: This law has failed the American people.
President Obama promised that Obamacare would help bring down premium costs for an average household. Families have instead seen their premiums skyrocket anywhere from 20 percent in some states to more than 50 percent in others. These double-digit premium hikes have already made health care unaffordable for hardworking many Americans, and it’s only going to get worse from here.
Deductibles have soared under Obamacare to the point that many Americans feel like they don’t even have health insurance. People with silver plans have seen their deductibles rise to an average of $3,000, while those with bronze plans face deductibles of more than $5,500. To make matters worse, the increase of deductibles over the past several years has far outpaced the average worker’s wages. This means more Americans paying more out-of-pocket for more expensive health care coverage.
Nearly 75 percent of state-run Obamacare exchanges have already collapsed—with more on the way—forcing more than 800,000 Americans to find new coverage. Following New Jersey’s announcement in September that it will close its CO-OP, kicking 35,000 consumers off their plans next year, only six of the original 23 exchanges are left standing. In total, the 17 failed CO-OPs have already cost taxpayers $1.8 billion.
As a result of major insurers withdrawing from marketplaces nationwide, families have been left with few, if any, options of carriers. Take Tennessee, for example, where a majority of counties offer coverage from only a single insurer. Or North Carolina, where more than a quarter million people are losing their plans as two of three existing insurers leave the marketplace. Or Alaska, where consumers are already down to a choice of just one carrier. This growing trend means less or no competition among insurers, which means higher costs and fewer choices for hardworking families.
We know you remember this line from President Obama: “If you like your plan, you can keep it.” This was the central promise on which Obamacare was sold to the American people, and it turned out to be a Lie of the Year. More than two million Americans were kicked off their plans and forced to look elsewhere for coverage. In many cases, this meant losing access to their preferred primary physician in lieu of a worse—and more expensive—health care plan.
As you can see, this law has already failed. But it’s also getting even worse. That’s why, when it comes to Obamacare, repeal means relief—relief from the higher costs, low-quality care, and more broken promises.