Just another one of those pesky details we’re finding out about right before Obamacare kicks in, via Bloomberg:
Health insurance premiums may as much as double for some small businesses and individual buyers in the U.S. when the Affordable Care Act’s major provisions start in 2014, Aetna Inc. (AET)’s chief executive officer said.
While subsidies in the law will shield some people, other consumers who make too much for assistance are in for “premium rate shock,” Mark Bertolini, who runs the third-biggest U.S. health-insurance company, told analysts yesterday at a conference in New York. The prospect has spurred discussion of having Congress delay or phase in parts of the law, he said.
“We’ve shared it all with the people in Washington and I think it’s a big concern,” the CEO said. “We’re going to see some markets go up as much as as 100 percent.”
B-b-b-but didn’t the most brilliant president in the histpry of the republic claim passage of his Obamacare boondoggle would lower health insurance premiums? Why yes, he did. By $2500 per year.
If only the low-information voters who believed Obama’s shuck and jive on health care are the ones most affected by the skyrocketing health insurance costs coming our way. Unfortunately, though, small-business appear to be the entities who will be most impacted. Combine the disastrous Obamacare cost increases with Obama’s obsession with raising their income tax rates, and it’s not hard to understand why the Wells Fargo/Gallup Small Business Index plummeted last month to its lowest level in two years:
PRINCETON, NJ — U.S. small-business owners’ net capital spending intentions for the next 12 months plunged to -14 in November, the lowest level in more than two years, according to the Wells Fargo/Gallup Small Business Index. This is down from net capital spending intentions of -1 in July and suggests the nation’s small-business owners are likely to pull back on their business investments even more, given their negative expectations for the next 12 months.
Hmmm. What happened last month to cause small business owners to become so pessimistic? Any thoughts?