Another Hidden Tax In New Health Care Laws?

What Is Health Care Reform? 

Health Care Reform“Health Care Reform”, the very name instills you with confidence in the program, because the current health care system is broken in so many ways.  Health care is outrageously expensive and nearly unattainable for some who do not have insurance.  As a nurse I work with many individuals who can not get the necessary treatments and tests done to diagnose and treat serious illnesses such as cancer and diabetes.  So yes, health care reform is a welcome idea.  However, Obamacare and the health care reform it proposes may in and of itself have its own set of consequences.  One obvious concern is a lesser quality of care.  People come from around the world to the U.S. for health care, why? Not because it is affordable, but because it is superb.  Most countries who offer socialist type health care programs, can only offer sub par treatment because of a shortage of doctors, and a medical brain drain because fewer excellent doctors are willing to put themselves through the rigor of med school for sub par pay.

Health Care Reform Comes At A Price

So yes, while there may be more equality within the health care system, we may find ourselves in a quandary with no money to pay for the extra people receiving care, and a steadily decreasing pay for our medical doctors; the result, more debt for the government, more taxes, and less quality.  One of the other primary issues with health care reform is who is going to pay for it?  The answer…you are.  In some way or another, money is going to come out of tax payer dollars.

New Insurance Fees Are Hidden In Health Care Reform

One of the new realities that have just hit the press is a 63/year/person fee to cover any pre-existing conditions.  Since Health Care Reform wants to remove any inaccessibility to care, obviously pre-existing conditions must now be disregarded by insurance companies.  Therefore, the 63/year/person fee is designed to help individual insurance companies cover the increasing cost of pre-existing conditions.  Realistically, the 63/person deal is only designed to raise 25 billion dollars.  This is chump change in comparison to the 700 billion it’s going to cost for Obamacare over the next 10 years.  However, it could have devastating effects on many larger companies who employ a large number of Americans.  For some of these companies it could cost them 10s of millions of dollars.  The companies are balking at this new information because most of them have already been providing benefits for their employees.  Gretchen Young, senior vice president for health policy at the ERISA Industry Committee, a group that represents large employers on benefits issues commented: “This kind of came out of the blue and was a surprisingly large amount,”

While it may seem insignificant this new expense is just one of many that has been heaped on employers with the launching of health care reform.  The question many are asking is, how will this impact the economy, the U.S. debt and the medical system as it goes into effect?  Could it potentially devastate an already sluggish economy?

Health care concerns could become increasingly more prevalent now and in the years leading up to retirement.  It is wise to begin preparing yourself now for rising costs of health care.  For more information on how to prepare for this added expenditure, contact a redhawk advisor near you.

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