Insurance Giants Cancel ObamaCare Expansion Plans as Premiums Skyrocket
by JOHN HAYWARD5
BreitBart.com
Aug 2016
Insurance giant Aetna is the latest provider to announce staggering losses on ObamaCare plans — some $300 million last year, in just 15 states.
Soaring costs prompted Aetna to cancel its plans to expand into more states, and the company is “undertaking a complete valuation of future participation in our current 15-state footprint,” as CEO Mark Bertolini put it.
Fox Business quotes Bertolini tiptoeing around the unexpectedly high cost of providing insurance coverage to people who are already sick: “These people need these procedures and they need these drugs and they need to be covered. But when you couple that with a risk-adjustment mechanism for high-risk people, that really is limited by virtue of the legislation, it causes everyone in the system to lose money.”
No one except the designers of ObamaCare actually thought it would be affordable to do that. The notion that insurance companies previously charged high premiums, or withheld coverage, from “high-risk” customers because they were evil and mean and greedy, but now Daddy Obama would make them see the error of their ways, was the dumbest and most expensive political fairy tale of the modern era.
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