Obamacare’s Sinking Safety Net
29th July 2016
But if you’re looking for a quintessential Obamacare failure story, you might also stick that pin directly in North Carolina. For the insurance companies doing business in the state–the ones issuing policies to those 600,000 people–Obamacare has turned into a financial sinkhole. UnitedHealth Group, the nation’s largest insurance company, is pulling out of the Obamacare business in North Carolina next year. Blue Cross Blue Shield of North Carolina, which dominated the individual market with more than a half-million customers, reported that losses on its Obamacare business in 2014 and 2015 topped $400 million. The insurer said that figure includes government payments designed to shield insurers from big losses during the early years of Obamacare. The only other current competitor, Aetna, wants to hike rates by nearly 25 percent next year.
‘If you like your doctor, you can keep your doctor!’ Uh, no, that was a lie.
‘If you like your plan, you can keep your plan!’ Uh, no, that was a bigger lie.
‘It’s called the Affordable Care Act because it makes care more affordable!’ Uh, no, that was the biggest lie of all.
Obamacare: The gift that keeps on shivving.