Obama Health Plan And One Trillion Dollars

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By Pinyo, on July 25, 2009

One of the leading news this week is about the health care reform that President Obama is trying to push forward. The overhaul is estimated to cost somewhere around $1 trillion dollars over the next 10 years. Sounds like a big number, but when you consider the 42 million uninsured Americans, the price tag becomes $2,381 per person per year over the course of 10 years — not so bad.

One Trillion Dollars Visualized from Mint.com

Anyway, I found this YouTube video from Mint.com that helps you visualize the one trillion dollars amount.

What’s your thought on Obama’s Health Reform Plan and the $1 trillion price tag?

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Pinyo
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6 Comments

  1. gravatar
    Studenomist
    July 26, 2009, 1:25

    Hmm I wonder what I could do with 1 trillion dollars? Thanks for the mention!

  2. gravatar
    micheal
    July 26, 2009, 4:53

    Where did he get that kind of money from? I heard that each states are broke. no money to inject into the system.

  3. gravatar
    Joe
    July 26, 2009, 9:55

    Are you sure about the math? I think that is per person PER YEAR over 10 years, or a total of $23K per person over 10 years. Put another way, health care for a family of four is roughly $10,000 per year. Not that great a bargain. And that is for less than 15% of the population. What do the other 85% of us get, except to pay for it?

  4. gravatar
    Pinyo
    July 26, 2009, 10:26

    @Joe – Thank you. I dropped the per year part. I don’t know if his plan is supposed to compete with other plans for the rest of the population.

  5. gravatar
    chademe
    July 28, 2009, 12:40

    But if you look at how the price increases over time, most of the expense is at the end of the ten years. The first eight years don’t cost a whole lot, because most people won’t be on the plan then. When everyone gets on the plan near the end of the ten years, the price starts going up significantly, and the curve is still going up at the end. So it may cost $2381 per person now, but that price will increase over time.

    Also, current budget estimates don’t include the price of administrating the plan. I’m guessing that administrating healthcare for 300+ million people may be pretty significant.

    Also, that $2381 is on top of what you already pay in taxes. And that’s per person. In my case, with my wife and three children, my tax burden would go up $11,905, and that’s assuming I pay for my own care. The unemployed and retired don’t have a means to pay for their own care, so the people who are working will have to cover their share as well.

    There are many other problems with this plan, such as rationed care and having a government beauracrat determine eligibility and the eventual elimination of private health care and mandatory counseling of senior citizens on how to end their life, but I just wanted to mention the financial problems here.

  6. gravatar
    Pinyo
    July 28, 2009, 16:46

    @Chademe – Thank you for the additional information. That doesn’t sound very good.

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