The Obamacare infographic below attempts to explain the history of healthcare and health insurance in America, and how Obamacare (the Affordable Care Act) fits into that history. Created by an insurance and wealth management company out of Ohio called the Hummel Group, I think this Obamacare infographic does a fair job in highlighting what Obamacare is attempting to remedy in our very sick healthcare/health insurance system.
Key points from Obamacare Infographic
While the Obamacare infographic paints a fairly optimistic picture of the future, the following statistics can’t be denied:
- 50% of Americans have a pre-existing condition
- Over last 20 years, healthcare costs have risen from $50 billion to $500 billion a year
- 50 million Americans are UNINSURED (due to high insurance costs)
It simply doesn’t make business sense for insurance companies to cover people with pre-existing conditions. So those people—50 percent of the American population—have been unable to get health insurance coverage (outside of a job or family policy). At the same time, 50 million Americas are uninsured AND not contributing to the insurance pool.
Obamacare essentially forces the uninsured to contribute to the insurance pool. That mandate means potentially 50 million more premium payers for insurance companies—a huge win for them. But that benefit comes at a price: now the insurance companies will not be able to deny coverage to people with pre-existing conditions.
Will this raise or lower healthcare costs? Who knows? The only thing for certain is that whatever the costs, they will be shared more broadly across the population than ever before.
Obamacare simplified for children and adults – The Hummel Group