Will Individual Health Insurance Mandates Work?
September 2009
With all of the political in-fighting over health care making the news each day,
health insurance companies are struggling to navigate public outcry over President Obama's plan, as well as the standard dislike of insurance companies themselves.
But now, talk of individual health insurance mandates might signal an end to the debate regarding a public health insurance option, something most health insurance companies are happy to see.
According to the
New York Times, with strong public and Senate opposition to the idea of a public plan, President Obama has signaled to the media that he is willing to make concessions to the plan if other fail-safes are introduced to the law.
One such fail-safe would be the legal requirement to purchase individual health insurance. The thinking is that should everyone have to buy in, health insurance companies could cover all Americans much as they do employer health insurance plans. The premiums paid by the young and healthy would offset the costs accrued by the older and sickly.
And with everyone paying, costs in general would go down. However, if the younger and healthier Americans don't buy in, then health care costs would skyrocket, as only those who need treatment would be seeking coverage.
As it is now,
individual health insurance is expensive, and many people get turned down based on pre-existing conditions.
Facts on:
Individual Health Insurance Mandates
Did you know...
President Obama may consider concessions to the plan if other fail-safes are introduced to the law?
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However, should federal oversight prevent companies from turning away those with pre-existing conditions, and if costs were subsidized or lowered for those who can't afford them, then perhaps the individual insurance mandate could work.
But that's a lot of "ifs," and unless costs can be lowered and everyone can be forced to buy in, the health insurance status quo would remain unchanged, something that everyone agrees would be very bad news.
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