Posted on 08/16/2016 7:23:01 AM PDT by xzins
Exchanges collapsing, premiums skyrocketing, policies cancelled.
Remember when President Obama lied to us about 92 million times and said that if we liked our plan we could keep it?
That was fun…
Over the past year, we have seen major health insurance companies give up on the massive failure.
Now, one of the top health insurers has said enough is enough.
BREAKING: Top health insurer dropping out of most ObamaCare marketplaces https://t.co/fkErkcVR3d pic.twitter.com/RaQKisqcIp
— The Hill (@thehill) August 16, 2016
From The Hill:
Aetna, one of the largest health insurers in the country, announced Monday that it will significantly scale back its presence on the ObamaCare marketplaces next year in a blow to the health law.
The move from Aetna comes as a range of insurers have complained of financial losses on the ObamaCare marketplaces.The company said that it will scale back from participating in 15 states this year to just four states in 2017.
It cited a loss of $200 million in the second quarter.
Important to keep in mind that liberals love stuff like this so you won’t see them shedding any tears.
Heck, they almost nominated a guy in Bernie Sanders who openly brags about how he wants these companies to lose all their money and have to fire people.
Heck of a job there Mr. President!
I’m sure he will find some convoluted way to tell us things are going well because he knows this might be his biggest failure.
And that’s saying something.
proof that HillaryCare and O’Care are designed to more quickly get their constituents into the morgue
“America is going in the wrong direction but we’ve already come this far so we might as well keep going.” - Clintoon supporters.
Profitibility = Racism
“devastating blow” = “advancement of the original goal”
“It cited a loss of $200 million in the second quarter.”
Poor saps; they must not have one of those money printing machines that 0bama has in a spare bedroom at the White House!
Or “I’d rather keep going in the wrong direction than see a hateful, racist, EEEEEEVIL Republican in charge.”
She will blame the insurance companies, excoriate the medical profession and demand that the healthcare system be ‘NATIONALIZED’ in order to ‘save it’.
Remember Tom Dasshole once said: “You cannot ‘professionalize’ unless you ‘federalize’.............when creating the TSA...........
Not if they lose
And not if there remain republican majorities in either the House or Senate
It was DESIGNED to collapse so the gubmint could run in and rescue us with single payer insurance run by them and the gullible “where is my free stuff “ bought it hook line and sinker...I am so tired of these same bozos destroying our system...
I am voting for Trump to hopefully stem the tide but considering the corruption ,crony capitolism and stupid so called conservatives I doubt he makes an much of an impact. ALL GOP E people I will never vote for one of you..Jeb, Mitch, Mclame, Grahamnesty...I hope you enjoy your eternal reward for messing up the best system man has ever come up with Divine help!
Freegards
LEX
This is going to help more people to decide to vote for Trump.
Well, obviously, the answer is to go to “single-payer” essentially Medicare for EVERYBODY, regardless of age.
Of course this will cost about three times as much as individual insurance policies for everybody, just written out and handed to every eligible person in the whole country, but it will be “free”, and thus abused to the point of making rationing and long wait times absolutely the only common feature of every participant. A very few will get pretty good care, the rest will be given some placebo and sent home until they come back in with a new complaint. Old complaints will be ignored, as they have already been “treated”.
I believe that they don't come after the money you "owe" but withhold it from the next possible tax return or something.
A Health Care Reform Blog––Bob Laszewski’s review of the latest developments in federal health policy, health care reform, and marketplace activities in the health care financing business:
http://healthpolicyandmarket.blogspot.com/2016/08/according-to-aetna-we-have-two-kinds-of.html
According to Aetna We Have Two Kinds of Insurance Companies Under Obamacare: The “Less Worse Off” and the “Worse Worse Off”
Surviving Co-Ops Sue Feds Over Inadequate Obamacare Reinsurance Payments While Aetna Complains the Payments Aren’t Enough For Their Only “Less Worse Off” Financial Results
I don’t know if you noticed the recent juxtaposition between the surviving co-ops complaint that they shouldn’t have to pay the big legacy carriers money under the Obamacare “3Rs” reinsurance scheme with Aetna’s complaint this week that these same payments aren’t enough for them to be confident they will continue in the exchanges.
Of the original 23 insurance co-ops created under the Affordable Care Act, only seven remain.
And, those seven are having a tough time of it. So tough that at least three are suing the federal government over the way the “3Rs” reinsurance scheme works. The are complaining that the risk adjustment provisions of the law unfairly favor the big legacy health plans such as the big publicly traded plans, like Aetna, and the big market share Blue Cross plans.
So, now the co-ops complaint is that they’d be doing fine if it weren’t for the Obama administration’s flawed risk adjustment program designed to move money from the plans with the healthiest customers to those with the sickest.
The irony that the risk adjustment system is telling us that these co-ops have the healthiest consumers and are still going broke should not be lost.
Meantime, one of the legacy carriers, that has been benefiting from these payments, Aetna, is threatening to pull out of the exchanges because of their big 2016 Obamacare losses and is blaming part of it on the failure of the same risk adjustment system to adequately reimburse them for their losses!
CEO Mark Bertolini told Bloomberg, “the mechanism of risk adjustment in those exchanges is not going to appropriately reflect” their expected $320 million in Obamacare exchange underwriting losses in 2016.
According to Bloomberg:
Bertolini said big changes are needed to make the exchanges viable. Risk adjustment, a mechanism that transfers funds from insurers with healthier clients to those with sick ones, “doesn’t work,” he said. Rather, than transferring money among insurers, the law should be changed to subsidize insurers with government funds, Bertolini said.
“It needs to be a non-zero sum pool in order to fix it,” Bertolini said. Right now, insurers “that are less worse off pay for those that are worse worse off.”
Well that’s a mouth full.
While the co-ops complain they’re getting screwed by having to pay money to the big guys, one of the big guys is complaining they are only less worse off and suggesting the government just has to make up their losses or they are going to take their marbles and go home.
And, let me suggest to Mr. Bertolini that before any Congress appropriates more money to subsidize Aetna in the exchanges there is a better chance Democrats will pass a public option for him to compete against.
So we have two kinds of insurance companies in Obamacare.
The “less worse off” and the “worse worse off.”
Other than that, the Obamacare market is “stable.”
Definite that she’ll go after the medical profession.
If they could qualify with a bachelor of general/African/feminist studies, then they wouldn’t have to charge so much...../sarc
Meh. Health insurance is soooooooo 20th century.
Health CARE is absurdly cheap when you buy it like you buy groceries and furniture.
I believe that they don’t come after the money you “owe” but withhold it from the next possible tax return or something.
And when you are 62 (like I am), it takes a fair amount of gross wages to get to that point.
No “corridor fund”, no state exchange.
All by design. Single-Payer here we come.
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