3 ms·

>Democrats have passed the only large wealth transfer from rich to poor via Affordable Care Act in 2009 After ACA HMO profits went up. A lot. Along with premiu

by pydry 4y ago

>Democrats have passed the only large wealth transfer from rich to poor via Affordable Care Act in 2009 After ACA HMO profits went up. A lot. Along with premiums. It was a wealth transfer from middle class to rich. That was part of the deal for making sure everyone was covered.

lotsofpulp 4y ago
HMOs were obsoleted many years ago. Managed care organization (better name for health insurance companies) profit margins are low single digits, for many years indicating a competitive market where excess profits are not possible, and this is public information from 10-Ks. The wealth transfer is the out of pocket maximum in conjunction with premium tax credits. Premiums went up because the bottom 50% of society finally started receiving healthcare, and were not liable for astronomic healthcare bills due to the out of pocket maximum. Plus young people greatly subsidize old people because premiums for age 64 are capped at 3x the premium of age 21. Unfortunately, the wealth transfer was neutered due to the penalty for not having insurance being removed, and due to allowing non ACA compliant plans to exist, as well as not forcing everything onto the same market and letting healthy, white collar employees to silo their risks in employer sponsored plans. Obviously, the implementation of ACA is not the ideal, but that is what was possible due to near zero support across the political aisle. At least we got that, and it is irrefutable that more people have received more healthcare due to ACA than before ACA. The middle class wealth transfer is actually the 60% to 90% feeling the pain due to their money being used to provide for the 30% to 60% (whoever was not poor enough for Medicaid, but not lucky enough to work at an employer rich enough to provide good healthcare benefits).

3 ms·

>Democrats have passed the only large wealth transfer from rich to poor via Affordable Care Act in 2009 After ACA HMO profits went up. A lot. Along with premiu

by pydry 4y ago

lotsofpulp 4y ago
HMOs were obsoleted many years ago. Managed care organization (better name for health insurance companies) profit margins are low single digits, for many years indicating a competitive market where excess profits are not possible, and this is public information from 10-Ks. The wealth transfer is the out of pocket maximum in conjunction with premium tax credits. Premiums went up because the bottom 50% of society finally started receiving healthcare, and were not liable for astronomic healthcare bills due to the out of pocket maximum. Plus young people greatly subsidize old people because premiums for age 64 are capped at 3x the premium of age 21. Unfortunately, the wealth transfer was neutered due to the penalty for not having insurance being removed, and due to allowing non ACA compliant plans to exist, as well as not forcing everything onto the same market and letting healthy, white collar employees to silo their risks in employer sponsored plans. Obviously, the implementation of ACA is not the ideal, but that is what was possible due to near zero support across the political aisle. At least we got that, and it is irrefutable that more people have received more healthcare due to ACA than before ACA. The middle class wealth transfer is actually the 60% to 90% feeling the pain due to their money being used to provide for the 30% to 60% (whoever was not poor enough for Medicaid, but not lucky enough to work at an employer rich enough to provide good healthcare benefits).