Health insurance companies spent tens of millions of dollars lobbying on the health care bill. In return for that investment, they convinced the government to require everyone in the country to buy their products, on pain of a fine. As it turns out, the law has done more than grow their customer base — the Washington Post reports today that those customers will soon be paying through the nose:
Some Americans could see their insurance bills double next year as the health care overhaul law expands coverage to millions of people.
The nation’s big health insurers say they expect premiums — or the cost for insurance coverage — to rise from 20 to 100 percent for millions of people due to changes that will occur when key provisions of the Affordable Care Act roll out in January 2014.
Rent-seeking can be a very lucrative investment. Imagine how many billions of dollars health insurer’s eight-figure million lobbying investment will yield in profit. With a rate of return like that, it’s a wonder that most businessmen are still honest.