U.S. health-care overhaul: New Taxes. Raising the costs of health insurance.

Insurers Vow to Fight Health Bill Drugmakers Support

Can we simplify that?

Oct. 14 (Bloomberg) — The U.S. health-care overhaul that emerged yesterday from the Senate Finance Committee after a monthlong debate won support from every health industry group except insurers, who said the failure to require all Americans to get coverage will drive up premiums.

The $829 billion proposal, written by Montana Democrat Max Baucus, now must be reconciled with four competing House and Senate versions, all of which include a government-run medical plan. The insurance industry’s criticism of the Baucus bill centers on reduced penalties on individuals who fail to get insurance, and taxes on so-called Cadillac health policies.

Wait. A. Minute. No, seriously. The reason we needed “healthcare reform” was because without it, the cost of healthcare would go up. So we were told.

Besides, won’t requiring anyone without coverage to buy coverage “drive up” their cost? From zero to 60 in 5 seconds…

The bill extends coverage to more than 30 million uninsured Americans, funded partly by $121 billion in taxes on drug manufacturers, device makers and insurers. The health plans said they won’t back the legislation because it lets people buy insurance only when they need it, raising the costs for those who stay covered.

New taxes. Raising the costs of health insurance. The plan.

Premiums Up 50 Percent

WHAT????

Health insurance companies have released two studies since Sunday that they said show premiums rising if the Baucus bill becomes law. The latest survey by the Blue Cross and Blue Shield Association in Washington said insurance costs, particularly for individual or small-group coverage, would rise on average 50 percent five years after enactment of the legislation.

OUCH!!! Stay healthy, friends! Stay healthy.

I thought it was supposed to reduce the cost of health insurance… so we were told!