Mr. PETRI. Mr. Speaker, over the past 18 months, the President repeatedly said about his health care plan, If you like your current health insurance, you can keep it. The majority of Americans knew this was nonsense, and now the Department of Health and Human Services confirms it.
A study just released by that department's chief actuary for Medicare concludes that the financial incentives in the new health care law will lead many employers to stop offering health care coverage altogether. That means about 14 million people with job-based insurance today will lose it, and instead will be required by law to obtain coverage individually.
Further, seniors in my State of Wisconsin have become big fans of Medicare Advantage plans. But the chief actuary for Medicare estimates that the President's and the majority party's Medicare cuts will reduce Medicare Advantage enrollment by 7 million people.
But there is more. The Medicare actuary reports that under the new health care law, 15 percent of all hospitals, nursing homes and other providers could be operating at a loss by 2019 which will jeopardize access to care. Doctors are threatening to drop out of Medicare because cuts in Medicare reimbursement rates mean they can't even cover their costs, much less make a living.
Sadly, these few problems are just the tip of the iceberg, as will be revealed in the months and years ahead as the health care law takes effect. END