As healthcare expenses continue to soar, the promises of affordability and accessibility under Obama and Biden’s policies appear increasingly distant.
When Obamacare was introduced 13 years ago, it promised to expand healthcare access and control costs.
Despite these claims, expenses have been surging, leaving many Americans burdened.
Spiking Premiums in 2023
Recent reports indicate that the average cost of employer-based health insurance premiums for families is nearly $24,000.
This reflects a 7% increase from last year, vastly outpacing general inflation.
The Family Burden
Even with employers covering a part of these costs, families are left paying about $15,000 annually out of their pockets. For many, this is a significant financial strain.
Single Coverage Costs
The situation is not much better for individuals. The average premium for single coverage has risen to $8,435, also up 7% from last year.
Skyrocketing From 2013
The current average premium for single coverage is nearly three times as much as it was in 2013. Had costs risen at the rate of general inflation, they would be far lower.
Approximately 153 million people rely on employer-sponsored healthcare, making them directly susceptible to these rising costs.
Questionable Use of Subsidies
One major cost driver is the haphazard use of government subsidies. These force coverage onto people who may not want or need certain services, like pregnancy services for elderly men.
Both Obama’s and Biden’s policies have had a discouraging effect on healthcare innovation, making new and effective treatments harder to come by.
The Result: Price Hikes
Higher demand coupled with limited supply due to subsidies and reduced innovation inevitably leads to increased healthcare prices.
Biden has been reversing policies enacted under President Donald Trump, including banning inexpensive plans aimed at younger, healthier individuals.
Impact on Workers
The policies are also impacting the job market, as increased costs lead to greater financial pressure on both employers and employees.
The Taxpayer Burden
These healthcare subsidies are funded by taxpayer money, contributing to elevated tax rates and increased national debt.
Shocking Future Projections
In the coming decade, nearly $25 trillion is projected to be spent on healthcare subsidies alone, which would rival the entire U.S. finance and insurance sector.
Urgent Need for Change
The current healthcare policies are unsustainable and are creating an economic burden for both individuals and the nation as a whole.
Experts suggest that the focus should shift towards market incentives rather than government controls and subsidies to make healthcare truly affordable.
With rising costs and dwindling efficiency, the promises of Obamacare and Biden-era policies are being put to a strenuous test.
Given the flaws and unsustainable aspects of current healthcare policies, it is clear that immediate reform is not just an option but a necessity for Americans.
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Mark Garro is an Aussie former CPA and corporate finance manager turned research writer. After more than two decades simplifying complex analyses for leading companies, including Goldman Sachs, Marks & Spencer, and Tabcorp, he packed up and moved to the Italian Riviera. Now he covers all things related to finance and equity research for a diverse range of publishers and syndicators around the world.