Monday, November 25, 2013

Excellent Summary

There's more in the article - about as much as can be packed into a page.
Insurance policies have to include coverage for services that many consumers will not need, including maternity coverage and mental health treatments.  Even Obamacare enthusiasts, such as Harold Pollack of the University of Chicago, suggest that the administration should "revisit just how minimal the most minimal insurance policies should be." But that would work against the Obamacare goal of moving everyone toward paying less out of pocket for health care.
Even more egregious is Obamacare's requirement that policies for one age group cost no more than three times the cost for another. In practice, this means that young consumers, who incur few heath care costs, are asked to subsidize people in old age groups, who incur many more.
This is the opposite of the progressive economic redistribution, which American liberals usually favor.
People in their 20s tend to have negative net worths. They owe more -- in consumer debt, on college loans -- than they have in bank accounts, home equity and financial assets.
In contrast, people in the 55-64 age group, the oldest covered by Obamacare, tend to have relatively high net worths. Federal Reserve wealth statistics consistently show that Americans reach their peak net worth in these years. After age 65, they start spending that net worth down.

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