Another Insurance Company Mulls Exiting ObamaCare
The worst of ObamaCare's troubles are in its future.
In its release of first-quarter financial reports, Humana Inc announced it might leave some of the ObamaCare health care exchanges because it was losing too much money. Currently, the company, which is being sold to Aetna Inc, sells individual plans in 15 states. But the first quarter of 2016 was hard on the company because only 875,000 people signed up for its service, 150,000 fewer customers than a year ago, and profits dropped. Humana is the second insurer to mull leaving the ObamaCare exchanges. Last month, UnitedHealth announced it was pulling almost completely out of the system Obama built.
Part of the problem was that overly optimistic pro-ObamaCare advocates promised insurers the Americans going to the exchanges would be more numerous and healthier than they actually ended up being. Now, it’s another year and once again “health insurers struggle to offset new costs,” as The Wall Street Journal headlines. Despite the law requiring that everyone purchase insurance, many companies will once again increase premiums by double-digit percentages to cover losses. Is any policymaker noticing that it’s the consumers who are struggling with the new costs? It’s proof the worst of ObamaCare’s troubles are in its future.