The Real Cost of the Affordable Care Act

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Sept. 25 (Bloomberg) -- Manhattan Institute's Avik Roy and New York Presbyterian's Herbert Pardes discuss the beginning of open enrollment for the Affordable Care Act with Trish Regan and Adam Johnson on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Going to cost?

I ran the numbers last night.

It looks like for the average guy on the exchange, premiums -- the cost will go up 95% for women -- costs will go up.

Imagine if congress passed a law requiring all cars to have a hybrid engine.

The same thing with insurance.

Obamacare is forcing the insurance products to be designed in such away that as a lot of bells and whistles.

The white house is saying it should cost $3000 on average per person.

That is a lot higher than what people pay today.

I know we have spoken before and you were very much of the mindset that this is a good thing overall and has the potential to bring health care costs lower customer we have been trying to fix health care for a long time.

We have god knows how many people who are uninsured.

We have to fix it one way or another.

This fixes it and i think this is a very good move.

It does not mean it is perfect, but it is good.

He does not include all of the states.

That is not the point.

We have to do something about making health care better in this country.

The reform we are doing will make it that are by pushing for more quality.

Some people are concerned that they may not be able to afford this.

There is a mandate that you have to have it.

What if you do not have the money to pay for it?

The president pointed out that you do not need to worry if you cannot afford it.

If you still cannot afford it, we will give you tax credits.

Subsidize your purchase of health insurance.

We are trying to help people by giving them tax credit.

Somebody is paying.

It is a nice sentiment to say that, but it is a small minority who will benefit from the subsidies.

We did the analysis and we found that for the typical person, they will pay more under obamacare than they did before.

Much lower than the average income for those subsidies to kick in.

Let's you have people with deadly illnesses who cannot get health care -- you have people with deadly illnesses who cannot get health care.

Let's not spend another $1.3 trillion.

You are overstating.

Is the system actually fair?

It looks like it will depend on what state you are living in.

These exchanges do very quite wildly state to state.

If you are in florida, you might get a better deal.

Hamster not such a good deal.

-- in new hampshire, not such a good deal.

New hampshire already had a heavily regulated market prior to obamacare.

The rates are going down slightly because they were already sell expensive.

Florida will go up.

How regulated was the market before obamacare?

There are a few states where they are already heavily regulated so those dates will go down or be the same.

States like north carolina -- you cannot make the country perfect in every regard.

There are massive differences in terms of cost.

Why do you have to purchase it and state?

That might be a legitimate question to asked.

Right now, the idea is to get people covered.

Think about how many presidents have tried to do this.

If we are bringing in 40 million people who did not have coverage before, it is that's going to be more expensive?

What we did, we would take 150 $5 billion out of the next 10 years, we are doing it.

It is costing at $1 billion at new york presbyterian.

Are we running the risk of creating a two-tiered system?

We have a six tier to system.

We have medicaid.

We have a good system for people who have employer sponsored private insurance.

Why are people uninsured?

Insurance is too expensive.

Obamacare makes it even more expensive.

To say that medicaid gives

This text has been automatically generated. It may not be 100% accurate.

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