Tuesday, October 29, 2013
Nearly 14 Million Expected To Lose Their Current Health Insurance Because Of Obamacare
How many times did President Barack Obama stand before the American people and assure them that his health care plan would not affect people already covered under a health insurance plan? It now turns out that the Obama administration knew that the Affordable Care Act would cause millions of Americans to lose their existing health insurance coverage. At least half of those who purchase individual health care plans are expected to lose their insurance. More than 11 million Americans have already received notices from their insurers that their current health insurance plans are being terminated and the number will grow to at least 14 million. Many of the plans are being cancelled because they don't satisfy the mandated coverage provisions of the law. This is forcing people to turn to the health care exchanges under the ACA for new coverage. Not surprisingly, the rates available on the exchange are almost always much higher than current premium rates. The perverseness of the law will actually provide an incentive to Americans to find a way to reduce their income so that they qualify for subsidies to pay for their premiums, which are provided to those earning up to 400% of the poverty level.