Any day now, the Census Bureau will release this year’s report on health insurance coverage. It ain’t gonna be pretty.
Here’s what’s happening behind the headlines.
Last year’s report was disappointing. This year’s will be worse. But the worst is yet to come.
Major health insurance companies – Aetna, Humana and United Health — are abandoning most Obamacare exchanges. They’ve lost billions of dollars (here, here, here). And coverage is nowhere near what was promised when the law was passed.
In addition, millions of Americans won’t have any choices. Many will have only one carrier from which to buy coverage. Obamacare killed the competitive marketplace.
And there’s even more bad news. A large subsidy program designed to keep premiums low ends in December.
Americans buying health insurance through the exchanges will be hit with sticker shock. When the new enrollment period opens in a few weeks, some premiums are expected to increase as much as 30%. New policies may have deductibles of $7,000 or more.
Don’t be surprised if enrollment is delayed until after Election Day.
While the goal may have been noble, the execution of Obamacare has been a disaster.
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