It’s working, even 1/2 the people on FR complain about the insurance companies. Obama will have the whole country screaming about evil insurers soon enough and people will cheer when he puts everyone on (single-payer) medicaid.
One of the (un)intented consequences is the 80/20 rule. The government is mandating that Insurance companies pay out 80% of intake on claims. Only 20% can be allocated to rent, salaries, utilities, salaries, etc. No health care company can make that 20% last to pay all expenses. Therefore, I believe they simply charge higher premiums to have the 20% turn in more dollars to cover expenses.
Beware of the single (government) system. Does anyone believe that Government will get by on 20%? past experience seems to indicate that it will become 130-150% That will ultimately correspond to even higher premiums.