Health insurance premium

“ Because of the Affordable Care Act, over 100 million people no longer have to worry that an insurance company will deny coverage or charge higher premiums just because they have a pre-existing condition. ”

“ Aside from the rough proxies of age and tobacco use (and possibly rating area) , the Act does not allow an insurer to factor the individual's health characteristics into the price of his insurance premium. This creates a new incentive for young and healthy individuals without pre-existing conditions. The insurance premiums for those in this group will not reflect their own low actuarial risks but will subsidize insurance for others in the pool. ”

“ More than half of uninsured workers are employed by businesses with less than 25 employees or are self-employed. (3) Health insurance premiums continue to rise at more than twice the rate of inflation for all consumer goods. (4) Individuals in the small group and individual health insurance markets usually pay more for similar coverage than those in the large group market. (5) The rapid growth in health insurance costs over the last few years has forced many employers, particularly small employers, to increase deductibles and co-pays or to drop coverage completely. ”

“ This is a high deductible plan where I’m assuming a lot of risk for my health insurance for my family. And nothing has changed, our boys are healthy—they’re young—my wife is healthy, I’m healthy. Nothing in our history has changed to warrant a tripling of our premiums. ”

“ In the meantime, for those Americans who can't get insurance today because they have pre-existing medical conditions, we will immediately offer low-cost coverage that will protect you against financial ruin if you become seriously ill. ”

“ Within the first year of signing health care reform, thousands of uninsured Americans with preexisting conditions would suddenly be able to purchase health insurance for the very first time in their lives, or the first time in a long time. ”

“ To manage the risks associated with medical care—its high cost, its unpredictability, and its inevitability—most people in the United States obtain health insurance. Many (approximately 170 million in 2009) are insured by private insurance companies. Others, including those over 65 and certain poor and disabled persons, rely on government-funded insurance programs, notably Medicare and Medicaid. Combined, private health insurers and State and Federal Governments finance almost 85% of the medical care administered to U.S. residents. ”

“ For the first time in their lives -- or oftentimes, in a very long time -- uninsured individuals and small business owners will have the same kind of choice of private health insurance that members of Congress get for themselves. ”

“ Then there's the problem of rising costs. We spend one-and-a-half times more per person on health care than any other country, but we aren't any healthier for it. This is one of the reasons that insurance premiums have gone up three times faster than wages. ”

“ Over the past year, more than ten million Americans have gained the financial security and peace of mind that comes with health insurance.
More than seven million people enrolled in affordable coverage by visiting HealthCare.gov, or going to the marketplace in their state. On average, they’re paying just $82 a month for coverage. For a lot of people, that’s less than a cell phone bill or a cable bill. Insurance companies can no longer deny you coverage just because you have a preexisting condition, and they now have to cover free preventive care like checkups and mammograms. ”

“ Under health reform, Leslie and her daughter will have access to affordable health insurance in the new health insurance exchange, including guaranteed benefits such as preventive care and prescription drugs as well as important consumer protections. In addition, insurance companies will no longer be able to deny coverage based on pre-existing conditions, and they will be held accountable to prevent insurance industry abuses. ”

“ But that’s the whole point of health insurance. Peace of mind. And under the Affordable Care Act, if you want to change jobs, go back to school, or chase that new idea, you can do it without worrying about going broke if you get sick. If you’ve got a pre-existing condition -- diabetes or cancer or heartburn or a heart attack -- you can no longer be charged more or denied coverage. You can no longer be charged more just for being a woman. ”

“ Many of them may decide that purchasing health insurance is not an economically sound decision—especially since the guaranteed-issue provision will enable them to purchase it at the same cost in later years and even if they have developed a pre-existing condition. But without the contribution of above-risk premiums from the young and healthy, the community-rating provision will not enable insurers to take on high-risk individuals without a massive increase in premiums. ”

“ What that means is, with a few clicks on HealthCare.gov, you’ll find private insurance companies competing for your business. You can compare plans and choose the one that’s right for your family. In fact, most Americans will find an option that costs less than $75 a month. Even if you already have insurance through the Marketplace, check it out. Shopping around can save you a lot of money -- last year, consumers who shopped saved almost $400. ”

“ To make matters even more complicated and tougher, when the uninsured low-risk people do get sick or have accidents, they still get health care, but it's too late, too expensive at the emergency room, and very often they can't afford to pay for it themselves. So their costs get passed on from medical providers back through the insurance system, back onto the Americans who are still paying insurance. And the premiums rise again. And again, it becomes harder for working people to afford insurance. ”

“ Right now, two out of every ten patients account for more than eighty percent of all health care costs. These are patients with serious illnesses like cancer or heart disease who require the most expensive surgeries and treatments. Insurance companies end up spending a lion's share of their expenses on these patients, and not surprisingly, they pass those expenses on to the rest of us in the form of higher premiums. ”

“ Each and every day in this country, Americans are grappling with health care premiums that are growing three times the rate of wages and insurance company policies that limit coverage and raise out-of-pocket costs. Thousands are losing their insurance coverage each day.
Without real reform, the burdens on America’s families and businesses will continue to multiply. We’ve had a vigorous debate about health insurance reform, and rightly so. ”

“ And it is hardly just the currently sick or injured among the uninsured who prompt elevation of the price of health care and health insurance. Insurance companies and health- [p594] care providers know that some percentage of healthy, uninsured people will suffer sickness or injury each year and will receive medical care despite their inability to pay. In anticipation of this uncompensated care, health-care companies raise their prices, and insurers their premiums. ”

“ We cannot realistically afford federally dictated national health insurance providing full coverage for all 215 million Americans. The experience of other countries raises questions about the quality as well as the cost of such plans. But I do envision the day when we may use the private health insurance system to offer more middle-income families high quality health services at prices they can afford and shield them also from their catastrophic illnesses. ”

“ Every year, the problem gets worse. Every year, insurance companies deny more people coverage because they’ve got preexisting conditions. Every year, they drop more people’s coverage when they get sick right when they need it most. Every year, they raise premiums higher and higher and higher. ”

“ Today, 20 million more American adults know the financial security of health insurance. On top of that, another three million more kids have coverage than when I took office. In fact, never in American history has the uninsured rate been lower than it is right now – and health care prices have been rising slower than they have in 50 years. ”

“ That's what Americans who have health insurance can expect from this plan — more security and stability.
Now, if you're one of the tens of millions of Americans who don't currently have health insurance, the second part of this plan will finally offer you quality, affordable choices. If you lose your job or change your job, you will be able to get coverage. If you strike out on your own and start a small business, you will be able to get coverage. ”

“ The Act considered as a whole makes clear that Congress was
concerned that individuals maintain minimum coverage not as an end in itself, but
because of the economic implications on the broader health care market. Virtually
everyone participates in the market for health care delivery, and they finance these
services by either purchasing an insurance policy or by self-insuring. ”

“ We make basic health insurance affordable for all low-income people not now covered, and we do it by providing a health insurance tax credit of up to $3,750 for each low-income family. And the middle class gets help, too. And by reforming the health insurance market, my plan assures that Americans will have access to basic health insurance even if they change jobs or develop serious health problems. We must bring costs under control, preserve quality, preserve choice, and reduce the people's nagging daily worry about health insurance. ”

“ Congress has imposed an extensive set of regulations on the health insurance industry, and compliance with those regulations will likely cost the industry a great deal. If the industry does not respond by increasing premiums, it is not likely to survive. And if the industry does increase premiums, then there is a serious risk that its products—insurance plans—will become economically undesirable for many and prohibitively expensive for the rest. ”

“ I propose catastrophic health insurance for everybody covered by Medicare. To finance this added protection, fees for short-term care will go up somewhat, but nobody after reaching age 65 will have to pay more than $500 a year for covered hospital or nursing home care, nor more than $250 for 1 year's doctor bills. ”

“ These rising costs are driving up the price of health insurance and making it harder for working families to afford coverage. These rising costs also make it harder for small businesses to offer health coverage to their employees. We must address these rising costs so that more Americans can afford basic private health insurance. ”

“ In the absence of the requirement, some individuals would make an economic and financial decision to forego health insurance coverage and attempt to self-insure, which increases financial risks to households and medical providers. (B) Health insurance and health care services are a significant part of the national economy. National health spending is projected to increase from $2,500,000,000,000, or 17.6 percent of the economy, in 2009 to $4,700,000,000,000 in 2019. ”

“ Millions of Americans, even those with good health insurance, must live in fear of losing their health coverage. Another 2 million Americans lost their insurance in 1993. Our health care reform plan is a guaranteed system of private insurance that will cover every American. We'll maintain the health care system in private hands, improve the quality of health care, increase the choices you have as a consumer, and protect the doctor-patient relationship. ”

“ Seventeen years later, he is cancer-free, but the cost of health insurance for him, his wife and his three kids is now over $1,000 per month. Their family's premiums keep rising hundreds of dollars every year, and as hard as they look, they simply cannot find another provider that will insure them.
Amy and Lane are now paying forty percent of their annual income in health care premiums. They have no retirement plan and nothing saved. ”

“ For many Americans lacking health insurance, these credits would make the difference between affording insurance, and going without.
Fourth, we should help Americans with their health care costs by encouraging the use of health savings accounts. Congress passed these accounts last year in the Medicare bill, allowing people to save money for future medical expenses tax-free. People who make use of health savings accounts also will buy high-deductible insurance policies to protect them against catastrophic medical costs like hospitalization or major surgery. ”

“ Make Health Insurance Work for People and Businesses -- Not Just Insurance and Drug Companies. Require insurance companies to cover pre-existing conditions so all Americans regardless of their health status or history can get comprehensive benefits at fair and stable premiums. Create a new Small Business Health Tax Credit to help small businesses provide affordable health insurance to their employees. Lower costs for businesses by covering a portion of the catastrophic health costs they pay in return for lower premiums for employees. ”

“ It's more urgent today than it has been in years, not only because America pays far more of our income for health care than anybody else but because we're going in the wrong direction. Ten years ago, about 88 percent of our people had health insurance coverage. Today, it's below 83 percent and dropping. In just the last 5 years, 5 million Americans have lost their health insurance. But my clear and unchanged goal is universal coverage that will protect hard-working Americans. ”