"Free" Insurance Coverage

Obama in his joint session speech to Congress last night said that what his health care plan would do is make the insurance we currently have work better for us at no additional cost. Under his proposed health care plan, Obama said:

“It will be against the law for insurance companies to deny you coverage because of a pre-existing condition. They will no longer be able to place some arbitrary cap on the amount of coverage you can receive in a given year or a lifetime. We will place a limit on how much you can be charged for out-of-pocket expenses… And insurance companies will be required to cover, with no extra charge, routine checkups and preventive care, like mammograms and colonoscopies…”

Are we supposed to believe that Aetna, Blue Cross, Humana and all the other insurance companies are going to substantially increase their risks, costs and financial exposure with no increase in premiums?

Of course not. Like any other enterprise, increased costs will be passed along to the consumer.

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