Trautwein continues, saying one specific measure – the individual mandate – will encourage people to wait only until they're sick to purchase health care coverage, causing premiums to skyrocket significantly for everyone.

"Tens of billions of dollars in new insurer fees and taxes, expansion of Medicaid, tight limits on age rating and high minimum benefit levels will make private health insurance unaffordable for the hundreds of millions of Americans who are currently insured.

Instead of alleviating the financial difficulties caused by the current economic situation, the legislation will continue to exacerbate the problem by driving up private health insurance costs significantly for millions of Americans families and businesses and disrupt the quality coverage on which millions of Americans rely."

James A. Klein, president of the American Benefits Council agrees.

"The legislation significantly expands coverage for millions of Americans, and takes steps toward aligning what we pay for health care and the quality of those services. But several aspects of the legislation will inevitably increase, rather than mitigate, health care costs; and the overall financial integrity of the measure depends on future Congresses and Presidents making very tough political decisions," Klein said in a released statement.

"For all stakeholders – including the employer members of the American Benefits Council, who sponsor the best coverage in the country – there are many unknowns. We urge the Senate to make much-needed improvements to the new law – starting this week – as it considers the budget reconciliation measure. We recognize that to do so will require further action by the House of Representatives; but it is essential that health reform be done right at this critical stage in the legislative process."