Obamacare Is Now Costing Taxpayers $218 Billion a Year

the staff of the Ridgewood blog

Ridgewood NJ, here’s an eye-opening chart from Paragon Health Institute marking the 14th anniversary of Obamacare.

It illustrates how the recent surge in Obamacare enrollment during the Biden administration has effectively rendered health plans free for more than half of the recipients. Thanks to Biden’s expansions of the program, taxpayers now cover 100% of premiums for lower-income Americans.

Paragon elaborates:

It’s becoming increasingly evident that the Affordable Care Act (ACA) functions more as a welfare program that redistributes income rather than a health care initiative benefiting the middle class. According to the Congressional Budget Office (CBO), federal subsidies, predominantly funneled directly to health insurers, amounted to $218 billion in 2023…

In 2019, around 35% of individuals who selected a plan during open enrollment had incomes below 150% of the Federal Poverty Level (FPL). By 2024, this demographic comprised 53% of total enrollment.

Before the American Rescue Plan Act (ARPA), many individuals below 150% of the FPL were reluctant to pay the nominal monthly fee, typically $25 or less, required for enrolling in an ACA plan—an indication that they placed little value on the coverage. This underscores that the primary beneficiaries of the enhanced subsidies are the health insurers.

The large insurance corporations are reaping substantial profits from these taxpayer subsidies, which now amount to over $20,000 per enrollee annually.

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