We were led to believe that the Affordable Care Act (ACA) also known as Obamacare, will end all of our healthcare problems. Unfortunately, it will increase taxes and will add up to 51 more bureaucracies (health exchanges), notwithstanding over 2,000 pages of regulations and exceptions that law makers did not read. In fact, it is a backend way of taxing Americans under the guise of fees and penalties and getting our children to pay for it.
Just like every noble, well-intentioned Federal programs, Obamacare will have unintended consequences that will undermine proposed benefits as they get implemented. The most popular and socially responsible components of Obamacare are coverage of pre-existing conditions, the spending cap, and coverage of kids until age 26 under their parents’ policy. All of these could have been accomplished without starting another entitlement program and its negative unintended consequences. According to a CBO estimates of April 2014, Health Insurance Exchange enrollment will go from 6 million in 2014 to 25 million in 2024 at a cost of $15 billion in 2014 to $137 billion by 2024 (see figure below) or $4410 per person to $7,170 per year. This will still leave more than half of the Americans uninsured even after 10 years.