Health Care Stocks Have Risen 28.35%


Jane Hamsher of describes the myths surrounding the health care debate. Among these myths is the idea that “insurance companies hate this bill:”

Fact: This bill is almost identical to the plan written by AHIP, the insurance company trade association, in 2009.

The original Senate Finance Committee bill was authored by a former Wellpoint vice president. Since Congress released the first of its health care bills on October 30, 2009, health care stocks have risen 28.35%.

This fact alone tells us most of what we need to know about what’s wrong with the current bill: it will not actually reduce costs.

Will this bill be a further health care disaster for the American people?  And, incidentally, a well-deserved political disaster for the Democrats?


Here are a few more of the 18 myths Hamsher debunks:

Myth 3: The bill will significantly bring down insurance premiums for most Americans.

Fact: The bill will not bring down premiums significantly, and certainly not the $2,500/year that President Obama promised during his campaign.

Annual premiums in 2016: status quo / with bill:
Small group market, single: $7,800 / $7,800
Small group market, family: $19,300 / $19,200
Large Group market, single: $7,400 / $7,300
Large group market, family: $21,100 / $21,300
Individual market, single: $5,500 / $5,800
Individual market, family: $13,100 / $15,200

Myth 4: The bill will make health care affordable for middle class Americans.

Fact: The bill will impose a financial hardship on middle class Americans who will be forced to buy a product that they can’t afford to use.

A family of four making $66,370 will be forced to pay $5,243 per year for insurance. After basic necessities, this leaves them with $8,307 in discretionary income — out of which they would have to cover clothing, credit card and other debt, child care and education costs, in addition to $5,882 in annual out-of-pocket medical expenses for which families will be responsible.

Myth 5: This plan is similar to the Massachusetts plan, which makes health care affordable.

Fact: Many Massachusetts residents forgo health care because they can’t afford it. A 2009 study by the state of Massachusetts found that:

21% of residents forgo medical treatment because they can’t afford it, including 12% of children

18% have health insurance but can’t afford to use it

Myth 9: This bill employs nearly every cost control idea available to bring down costs.

Fact: This bill does not bring down costs and leaves out nearly every key cost control measure, including:

Public Option ($25-$110 billion)

Medicare buy-in

Drug re-importation ($19 billion)

Medicare drug price negotiation ($300 billion)

Shorter pathway to generic biologics ($71 billion)

Myth 10: The bill will require big companies like Wal-Mart to provide insurance for their employees.

Fact: The bill was written so that most Wal-Mart employees will qualify for subsidies, and taxpayers will pick up a large portion of the cost of their coverage.

See Hamsher’s complete article, including documented sources, here.

Print Friendly, PDF & Email


One Response to “Health Care Stocks Have Risen 28.35%”
  1. depelton says:

    It’s not too surprising that a political system dominated by corporations should produce a big health care bill that continues the bipartisan transfer of wealth from taxpayers to the rich.

Speak Your Mind (You Must Use Your Real Name)

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!