Unraveling: Major health insurance companies abandon Obamacare exchanges
by: J. D. Heyes
Wednesday, August 14, 2013
More and more health insurance companies are bailing out of Obamacare, fearing – correctly – that they will lose massive amounts of money if they participate in the state-run “exchanges” called for under the law.
Not that the Obama administration wants to discuss the bailouts, other than to dismiss them as generally rare occurrences. And while the overall number of companies bailing might be small, what is significant is the size of the companies; they are among the largest insurers in the U.S.
Anthem Blue Cross, Aetna, United Health Group and Humana have all said they won’t be participating in exchanges in certain states. These exchanges, mind you, are going to be the only place Americans will be able to purchase health insurance using taxpayer-provided subsidies under the law.
So much for choice, competition, cheaper rates
“According to Obamacare’s individual mandate, all Americans are required to purchase a government-approved health insurance plan,” writes Dr. Susan Berry for Brietbart News. “Americans who do not obtain health insurance through an employer or Medicaid must purchase it through the exchanges in their home state. Some exchanges will be run by the state government, while others by the federal government or a combination of the two.”
Oh, the disaster that’s looming.