Report shows Obamacare will have costly impact on Ohio

The Ohio Department of Insurance has analyzed Obamacare and its impacts on Ohio - and it's not good news.

From the press release about the report (emphasis added):

The report, conducted by Milliman, Inc., projects the impacts of the federal health care reform law starting in 2014, which is when most of the law’s provisions go into effect. The report shows significant changes that will increase premiums while dramatically expanding government programs.

"As I have been saying, the impacts of Obamacare will be widespread and expensive," Taylor said. "This report clearly shows what I have long predicted; Obamacare will result in bigger government, unsustainable costs, and ultimately, less consumer choice."

The report, available here, anticipates that premiums individuals pay could increase from 55-85% in 2014 - and that's not counting the existing trend of yearly increases which have averaged from 7-8% nationwide.

They expect that some people, depending on their individual health conditions, could see premiums rise by up to 130%, though they do show that some might actually see a decrease in costs.

The news for small group employers (those with 2-50 employees) could go up by as much as 15%, again, not including the yearly increases everyone sees. But groups with high numbers of employees with health issues could see their premiums rise by as much as 150%. Small groups with employees that have good health could see some decreases.

The report also predicts that more than 1,000,000 will be added to the state's Medicaid rolls while more than 500,000 will probably end up in the government-subsidized individual exchange. They anticipate that, when Obamacare is fully implemented, roughly half of Ohioans would be in some type of government-subsidized health care.

As Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor said,

"These results are alarming when you consider what is going to happen to Ohio's already competitive insurance market. While Obamacare supporters may argue these changes are necessary to ensure access, the results mean even more financial burden on the backs of taxpayers."

And how much will that financial burden be?

The report projects that the annual operating costs, for which the state is responsible, will be between $19-34 million once the exchange is up and running - and that doesn't include any of the costs of the computer systems necessary to run the mandated exchange.

So while our own costs will go up - either through our employer passing along their increases or directly for those of us who purchase our own insurance coverage - our taxes will have to go up to cover the yearly operating costs of the federally mandated exchanges.

Again - we'll be paying for ourselves and then paying for everyone else, too.

What a bargain!