ObamaCare About to Dump 1.4M From Coverage
Insurance companies withdraw from exchange due to massive losses.
Just in time for the election, news is that at least 1.4 million individuals currently enrolled in the ObamaCare marketplace will lose their coverage in 2017, as big insurance companies are pulling out of the exchanges due to massive revenue losses. Over 10% of the current number of individuals enrolled in ObamaCare nationwide will lose their coverage plan, forcing them to search for new plans in an ever shrinking and more costly market. In short, the government-mandated product will only become more expensive with a diminishing value. The S&P forecasts that next year ObamaCare enrollment will “stall or even decline.” So ObamaCare is untenable with a collapse imminent. Who saw that coming?
When ObamaCare was first rolled out, Health and Human Services predicted that 26 million people would be enrolled in the ObamaCare exchanges by 2017. In 2015, the projection of 22 million enrollees for 2016 was reduced 40% to 13 million, and it has since shrunk to 11.1 million. The reason so many are leaving (or not even entering) the ObamaCare exchange is because the “Affordable” Care Act has made insurance unaffordable. The whole premise for ObamaCare was one of stemming growing health care costs (though in reality it was always about government control). ObamaCare has proven to do exactly the opposite of what Democrats promised it would do. Socialism is never a cost effective or economically industrious system. It kills competition and innovation in favor of an “equality” standard that proves only to drag down those who produce rather than raise those who, often through lack of effort, don’t. ObamaCare has managed to drag everyone down.