Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
WASHINGTON, D.C. - Senator Mike Enzi (R-Wyo.), Ranking Member on the Senate Health, Education, Labor and Pensions Committee, said a new estimate today from Congressional Budget Office (CBO) shows that the new health care law will dramatically increase Medicaid spending and result in up to 4 million fewer people receiving health insurance through an employer.
"This new estimate shows that the new law is rapidly increasing Medicaid spending, because it is forcing many more Americans into this mismanaged, government run health program," said Senator Enzi. "The CBO analysis is one more example of the President breaking his promise that Americans can keep their insurance if they like it. According to CBO, under this new law, 4 million fewer people will have access to employer health insurance."
Enzi also noted that the new estimate of the gross cost of the new entitlement program is $1.7 trillion and that by 2022, the average subsidy paid in the new insurance exchanges will increase by 52 percent and that an additional 4 million people will lose their employer-based insurance. The CBO estimates the average exchange subsidy will increase 52 percent by 2022 - starting at $4,780 in 2014, and escalating to $7,270 in 2022. For the first time in estimating the new health care law, CBO contends the costs of forcing more Americans on government programs like Medicaid and CHIP ($931 billion) will cost more than the new exchange entitlement program ($808 billion).
The report can be found here http://cbo.gov/publication/43076 .
Read this original document at: http://www.help.senate.gov/newsroom/press/release/?id=46408934-da17-426c-b687-873ea3d0e55f&groups=Ranking