Without healthcare reform, Medicare and Medicaid costs will rise from 6% (current) to 15% of GDP by 2040. Obama's healthcare plan will reduce costs by 1.5% per year by negotiating lower prices and reducing other inefficiencies, according to the Council of Economic Advisors. Lower healthcare costs translate to $2,600 more per family in 2020 and $10,000 by 2030. It reduces the deficit by 3% of GDP by and 6% by 2040. This lowers unemployment .25% per year, creating 500,000 jobs.
Expanding insurance will reduce visits to the emergency room by the uninsured. This will save $100 billion, or .6% of GDP, per year. Government-sponsored health insurance will remove this burden from small businesses, allowing them to be more competitive and attract higher-skilled workers.
Share Your Opinion - Should Healthcare Be Reformed
What It Means to You
If you like your healthcare insurance, reform won't change it. If you don't, the government plan will probably mean lower health insurance costs. Here's what your premium would be:
- $70 for an individual.
- $140 for a couple.
- $130 for a single-parent family.
$200 for all other families.
I don't know about you, but that's less than what I'm paying now.
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