Count it as another nail in ObamaCare’s coffin: Humana, one of the country’s top insurers, announced Thursday that it’s pulling out of ObamaCare exchange plans in all but a few states next year. This follows the exit from the exchanges of such other giants as Cigna and UnitedHealth Group, also after outsized losses.
It’s the much-feared “death spiral”: Too many older, sicker folks are resorting to ObamaCare policies, and not enough younger, healthy folks. So the average enrollee is running up higher bills than the insurers expected — and raising rates will only scare away even more lower-cost customers.
Meanwhile, the Obama Justice Department is moving to block health-insurer mergers — including an Anthem-Cigna deal as well as Aetna’s bid to buy Humana. Why? The White House fears the mergers would give the combined firms too much power to set rates, limiting consumer options.
The funny part is, the ObamaCare law encourages many other anti-competition mergers, of hospitals and other providers, in the name of “efficiency.” And doctors across America are giving up on traditional independent practices — as the law pushes them to do. With countless people stuck buying policies on the exchanges, they have been shocked at how limited their options are, like choice of doctor and hospital, turn out to be. Closer to home, Covered California has announced a 13% increase in premiums for 2017 due to higher medical bills, than was originally expected.
President Obama and Hillary Clinton both used to pooh-pooh the idea of a “public option”: Government-run health insurance that’s just a step away from European-style socialized medicine. But ObamaCare’s woes have pushed both to start suggesting it may be the only answer after all. The only answer, that is, besides replacing ObamaCare with a truly market-based system that still helps the less fortunate, but doesn’t try to dictate everything from Washington.
Invite Bridlewood Insurance To Your Public Event
Do you have an event that needs a public Medicare specialist to come and speak? This time of year, whether it’s the Rotary club, 55+ Mobile Home Park or simply a group of senior golfers that get together once a month.
We work with companies that need to educate their employees that are retiring, and school districts for their retiring teachers.
If you have a group that needs our help, now is the time to book a Bridlewood representative free of charge to come and speak at your event. As you know, there are changes each year and every Medicare beneficiary needs an annual check up just to make sure the plan they have is still the best for their current needs.
Call 1-858-753-1920 and get on the calendar now.
One More Nail in ObamaCare’s Coffin