What the Senate Health Care Plan Means for Your Wealth Nest Egg

For months, all we’ve heard about regarding the health care conversation in the United States are how many people are going to be insured under the Senate’s new plan…or not. Too often ignored is that fact that our politicians are legislating regulations for one of the country’s largest industries.

You can hate Obama, but you have to admit that parts of his Obamacare plan were coming from the right place. The initiatives to help take care of veterans and elder adults were admirable, though misguided. Obamacare attempted to hijack in the liberal notion of redistribution on the backs of our veterans and grandparents, and this is the major reason that the current legislature takes such issue with it.

Basically, the so-called Affordable Care Act gave all agency to the government in terms of taking care of enfeebled individuals while completely robbing the people who were handling this duty – namely working family members.

Obamacare is worse than robbing Peter to pay Paul. Obamacare is literally robbing Jeff, Jr. to pay Jeff, Sr. The average family would have been hard pressed to build any wealth, even over many generations, under Obamacare.

As a rule, private citizens tend to administrate family affairs better than government, which makes redistribution for the sake of health care a hugely bad move. The same money that Jeff, Jr. would have socked away to take care of dad and send the kids to college would have been wasted by government. The people who needed health care most would have received less care from government for the same amount of money spent.

For all of its foibles, the Senate health care plan does get this much right – families should be empowered to take care their own business when it comes to health. Lawmakers should get behind the Senate health care plan for the following reasons:

Reducing Federal Spending

The Better Care Reconciliation Act (BCRA), as the Senate health care plan is called, would reduce the impact of rising healthcare costs on the federal government. Focusing on creating a fair compromise between lowering federal debt and taking care of Medicaid patients, the BCRA would in Medicaid expansion for at least eight states. The federal government would no longer need to reimburse states, and it would no longer be on the hook for the wildly fluctuating Medicaid expenses that occur from year to year.

Protecting Capitalism

Obamacare limited the ability of insurance companies to participate in their own marketplace. The new Senate plan would give private insurance companies the ability to leverage their own power to help their clients. Through the new plan, insurance companies would be responsible for a much smaller part of an enrollee’s costs if that person is buying private insurance on a federal marketplace. This places the power to choose medical care back in the hands of the individual rather than burdening the government needlessly with unjust expenses.

Saving Money

The overall cost of health insurance would likely decrease dramatically if the Senate bill is the version the country takes on. Insurance companies would be able to sell plans that are targeted more specifically to individual needs, rather than having to arbitrarily generalize for everyone. This means lower premiums for everyone all around.

Bolstering the Middle Class

The success of Obamacare was contingent upon people in the middle class buying insurance. The reason that it did not succeed was partially because the middle class did not turn out to buy any of this watered-down product. The government attempted to force these individuals to pay a tax, but this effort failed as well. The overall result was that government insurance did not have the critical mass that it needed to offer viable health care to anyone. The Senate plan gets rid of the penalty tax, protecting the middle class, and removes the mandate to buy insurance, increasing health care choice.

Helping Business

Private business has also been shackled because of Obama’s requirement that employers must offer certain kinds of health insurance. The Senate bill would get rid of this awful mandate, allowing employers to hire more people and turn more of its profits back into the business for growth.

Overall, the Senate health care bill means that your wealth can grow more freely without government mandates pulling at your income month after month. You will lose no agency in your ability to choose the right healthcare for yourself or for your family. However, you will be able to modify this care in real time, saving money when you need less insurance to divert into other investments such as stocks or real estate.

Regards,

Ethan Warrick
Editor
Wealth Authority


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