Wednesday, October 30, 2013

Home Depot Co-Founder Langone: Obamacare 'Defies Whole Concept' of Cheaper Health Insurance

Obamacare, by its very nature, can't make healthcare more affordable and "defies the whole concept" of its key goal, says billionaire entrepreneur Ken Langone.

Many experts say healthy young people must sign up for health insurance en masse in order for Obamacare to be successful. If more people, who don't need as much healthcare as older generations, buy insurance, they will bring down insurance costs.

"Insurance is a fairly simple," the Home Depot co-founder told CNBC. "It's spreading risk. It's sharing risk."

"You're not going to bring 35 million more people into the pool for care and say, 'We're going to do it cheaper.' We're living longer. The longer we live, the more healthcare we need.

"Those kids can now wait for a condition, a pre-existing condition, and now say, 'I want insurance,'" Langone argued. "The risk to the insurance company goes up exponentially because the kid is coming in unhealthy, not healthy."

More @ Newsmax

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