It is estimated to cost approximately $567 per person from each of the remaining US citizens to pay for health insurance premiums for the 30 million uninsured that President Obama wants to cover with his plan. Here is the math:
Yearly Premiums: $5,270 each*
Total Yearly Premiums for 30 million people: $158,100,000,000
Cost to the remaining US citizens:
$158,100,000,000/279,000,000** = $567 per year per person (every man, woman, and child) in taxes… if the cuts/savings in Medicaid and Medicare don’t work… and they won’t because any savings to Medicaid and Medicare will be consumed because both programs are are already underfunded and rapidly growing.
“The states and the federal government share the cost of Medicaid, which saw a record enrollment increase of 3.3 million people last year. The program now benefits 47 million people, primarily children, pregnant women, disabled adults and nursing home residents.” NY Times
*Based on average of annual premiums for all federal government Fee for Service Nationwide non-postal individual plans. These are the same plans Obama refers to regularly when he says he will be “giving tens of millions of Americans the exact same insurance choices that members of Congress will have.” This number is actually fairly low considering the average spending per Medicaid enrollee is almost $7,900 per year.
**Estimated USA Population as of July 2009: 309 million (309-30 = 279)
Keep in mind that these numbers only estimate what it would cost to get these people covered with “health” insurance and not dental or vision which Obama has been saying verbally that he will deliver access to in his plan. There is also the additional cost of deductibles and co-pays is not included in these estimates. Oh…and these estimates do not consider the FACT that all premiums will increase if insurance companies suddenly are required to cover pre-exiting conditions.
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