Bilirakis Examines Premium Increases as a Result of Affordable Care Act
Washington, DC (March 15, 2013) ? At a House Energy and Commerce Subcommittee on Health hearing this morning, Congressman Gus M. Bilirakis (R-FL) questioned the panel regarding the increase in healthcare premiums as a result of the Affordable Care Act (ACA). This hearing comes after a joint report released by the House Energy and Commerce, Senate Finance, and Senate Health, Education, Labor and Pensions committees, which outlines estimated premium increases for states as a result of the rigid mandates and price controls imposed by ACA.
?Today, we saw yet another example of how the Affordable Care Act does not live up to its promise of low-cost, higher quality healthcare,? said Congressman Bilirakis. ?Every day, Americans are struggling to make ends meet. More premium increases not only threaten employers? ability to provide health insurance for their employees, but also threatens individuals? ability to purchase coverage that best meets their needs.?
According to the report, premium increases will be especially painful for young adults. Recent college graduates with entry-level jobs who are struggling to pay off student loan debt could see their premiums increase on average between 145 and 189 percent. Some studies estimate young adults could experience premium increases as high as 203 percent.
In addition, the report notes price controls and requirements to purchase government-approved plans as lead contributors to more expensive premiums. The law also imposes $165 billion in new taxes and fees on plans, drugs and medical devices, which will be passed onto consumers in the form of higher premiums and prices.
Please see the video below to view Congressman Bilirakis? questions for the panel.