Earlier this week The Spartanburg Herald-Journal published a story on county officials bracing for a $4.1 million increase in health care costs for their employees. The article didn’t mention U.S. President Barack Obama’s socialized medicine plan, but this looming insurance-related expenditure could be an early example of Obamacare “rate shock” in South Carolina.
What’s Obamacare “rate shock?”
It’s the grim revelation that this massive federal health care entitlement expansion isn’t going to lower anybody’s health care costs – like Obama promised it would – but will instead send those costs spiking. How high? Well, reports from California indicate increases of 116 percent for 40-year-olds (from $121 to $261) and as much as 123 percent for 24-year-olds (from $92 to $205). Meanwhile the Ohio Department of Insurance announced last week that average premiums in the Buckeye State could soar by as much as 88 percent – from $223 to $420.
“Hope and change,” people … “hope and change.”
Anyway, we expect to see lots of headlines like the one coming out of the Spartanburg paper in the coming months as the Palmetto State – like California, Ohio and the rest of the country – confront the sobering reality of socialized medicine.
Like P.J. O’Rourke once said, “if you think health care is expensive now, wait until you see what it costs when it’s free.”
Sadly, we’re all about to find out …