Federal Health Care Reform To Cost States

Moody’s Investors Service broke the news that states will see increased costs with federal health care reform. States will be hit hard on Medicaid. The report only bolsters critics of health care reform feel tax payers will be paying for the health care agenda of the Obama administration.

Starting in 2014, the report indicates that Medicaid changes will hit states the hardest. According to reports, Medicaid accounts for 20 % of state’s budgets in its current state. The obvious math here means that Medicaid expansion will increase costs. States in the midst of a budget crisis like California are in some serious trouble once these health care changes come into play in 2014.

Michigan, another troubled state is already warning tax payers of increased fiscal demands related to Medicaid expansion. Reports indicate that Michigan will wind up paying over $200 million annually in new costs. Indiana is also warning their tax payers of increased financial demands.

My biggest issue with health care reform has been the secrecy when it comes to new costs. Nobody has given any definitive answers as to how much this will cost the taxpayers. While health care reform is necessary, it needs to be done correctly. For every analyst that tells me it won’t increase my costs, another two tell me it will. I fear that the rash changes will cripple any economic recovery seen over the last year plus. I hope I am wrong, but I just don’t see where the money is going to come from to cover these increased costs.

Thanks to financial-planning.com for the tip.

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