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Insurers are furious about the White House’s new Obamacare plan (Asking for bailout!)
Wash Post ^ | 11/14/13 | Sarah Kliff

Posted on 11/14/2013 2:36:20 PM PST by jimbo123

Health insurance plans are not pulling any punches when it comes to their frustration with today's White House announcement. This is a statement that Karen Ignagni, president of America's Health Insurance Plans, just put out:

“Making sure consumers have secure, affordable coverage is health plans' top priority. The only reason consumers are getting notices about their current coverage changing is because the ACA requires all policies to cover a broad range of benefits that go beyond what many people choose to purchase today.

“Changing the rules after health plans have already met the requirements of the law could destabilize the market and result in higher premiums for consumers. Premiums have already been set for next year based on an assumption of when consumers will be transitioning to the new marketplace. If now fewer younger and healthier people choose to purchase coverage in the exchange, premiums will increase and there will be fewer choices for consumers. Additional steps must be taken to stabilize the marketplace and mitigate the adverse impact on consumers.”

(Excerpt) Read more at washingtonpost.com ...


TOPICS: News/Current Events
KEYWORDS: bailout; fail; obama; obamacare; obamalies; riskcorridor; riskcorridors; toobig2fail
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To: 11th Commandment

You nailed it! Our politicians have turned into freeloaders using their lawmaking powers to benefit their own off-shore accounts.


41 posted on 11/14/2013 3:12:58 PM PST by jonrick46 (The opium of Communists: other people's money.)
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To: jimbo123
What we said when we said what we said was that if you like your plan we will bankrupt your health care insurer. Period.
42 posted on 11/14/2013 3:13:17 PM PST by Berlin_Freeper (posted a total of 2,382 threads and 20,000 replies)
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To: jimbo123

Dude….learn to read your own words. YOu said the industry was ASKING for a bailout in THIS article….they are NOT.

NOW, whether or not the Admin OFFERS one to try and buy them off is ANOTHER ISSUE ALTOGETHER. If you are hot to trot to put bail out in a headline, use that Heritage link, not this one.

By the way, most of TARP has been paid back…..GM and the union slush funds never will be from Stimulus. Direct your anger at stim, not TARP….both are bad, but Stim about 1000X worse….


43 posted on 11/14/2013 3:13:34 PM PST by C. Edmund Wright (Tokyo Rove is more than a name, it's a GREAT WEBSITE)
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To: Berlin_Freeper

Or, if you like your plan, you can rent it. (for a year)


44 posted on 11/14/2013 3:14:10 PM PST by C. Edmund Wright (Tokyo Rove is more than a name, it's a GREAT WEBSITE)
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To: Paladin2

They can’t say it like that. Insurers have to say:

“We literally have no choice but to obey the law on the books. It doesn’t matter what the government SAYS it wants us to do. What will keep us out of criminal court is obeying the LAW AS IT IS ACTUALLY WRITTEN. We did everything we could to warn them this would happen. We don’t have a choice. If we don’t follow the law, we will pay the same consequences any other criminal pays.

If they change the law, by repealing the law, or by passing a law that voids parts, or all, of the existing law, then we will follow that law.

Otherwise, we are bound to do the same thing any other private citizen or company is obligated to do - follow the law on the books.”


45 posted on 11/14/2013 3:16:13 PM PST by RinaseaofDs
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To: jimbo123
I have never worked in the insurance industry but I strongly suspect that it isn't possible to re-constitute cancelled policies even if they had a year to do it. Maybe someone here who does know the industry can explain.

How many months do insurance companies spend each year collecting and applying research, running actuarial algorithms and using a dozen other processes to manage the policies of a relatively stable pool of policy holders?

Now how do they put them back together not knowing how many will want back in, not having the data they would have been collecting but didn't because they had no expectation of needing it and not knowing what King Canute will decree next week, next month or next year?

If all economic and regulatory obstacles were taken care of is it even technically possible?

0bama just jumped a purple polka-dotted shark IMO.

46 posted on 11/14/2013 3:16:43 PM PST by TigersEye (Stupid is a Progressive disease.)
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To: C. Edmund Wright

It’s a bailout. The insurers are demanding one and Obama is promising them one.


47 posted on 11/14/2013 3:17:10 PM PST by jimbo123
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To: jimbo123

This as if obama gave a damn.


48 posted on 11/14/2013 3:17:42 PM PST by onedoug
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To: kcvl; jimbo123

I agree with both you.


49 posted on 11/14/2013 3:18:16 PM PST by sport
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To: TigersEye

It’s very very difficult to resurrect killed policies. Incredible financial and actuarial loss data goes into the devleopment of every single product. Then that has to be processed by each state where it will be sold and of course the Feds. They are very regulated and very complicated.

And they are based on the fact that customers will retain them for years on average. When both insurer and customer knows their marriage is over in a year, gone is any incent to be honest and protect the relationship.

Its an Obama pipe dream.


50 posted on 11/14/2013 3:19:08 PM PST by C. Edmund Wright (Tokyo Rove is more than a name, it's a GREAT WEBSITE)
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To: jimbo123

Show me where they are demanding one?


51 posted on 11/14/2013 3:19:58 PM PST by C. Edmund Wright (Tokyo Rove is more than a name, it's a GREAT WEBSITE)
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To: TomGuy

Washington State’s insurance commissioner today has already bailed obamma out by refusing to allow this.


52 posted on 11/14/2013 3:20:12 PM PST by rawhide
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To: jimbo123

Repeal and let them compete on the open market.


53 posted on 11/14/2013 3:20:13 PM PST by jersey117
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To: jimbo123

Geez, that wasn’t hard to figure out.

Good grief. Insurance companies do not make their money off their premiums. They make them off their investments. I am so disappointed in the politicians. They know this is a trick. When a policy is cancelled; it is cancelled. Insurance companies on the other hand do not want to insure older people, disabled or sick people. Also, the baby boomers are the largest group of people out there. What better way to get rid of people than to have a law like ACA; exempting themselves and their friends, of course; etc. ACA is not about health insurance; but it is a good way for both the insurance companies and the government to get rid of the old, the disabled and the sick.


54 posted on 11/14/2013 3:24:59 PM PST by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: C. Edmund Wright

When the bailout happens, and it will, that will essentially usher in ‘single payer’.

The USG will subsidize the plans, allowing insurers to restore policies and rates. The USG will print what they have to in order to make it work. The USG will then force the young to buy plans through their taxes and call it ‘cost recovery, not a tax’.

We’ll see.


55 posted on 11/14/2013 3:29:14 PM PST by RinaseaofDs
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To: MUDDOG

He thinks he can just make a speech and it will all go away.


56 posted on 11/14/2013 3:31:13 PM PST by jersey117
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To: C. Edmund Wright

That is what I suspected. I would expect that the day after they finish working on a plan/product for the coming year they begin working on that same plan/product for the year after that in an ongoing process that brings in new data and configures it to the desired outcome. The outcome being a consistent product with minimal changes to coverage, cost and profit.


57 posted on 11/14/2013 3:32:40 PM PST by TigersEye (Stupid is a Progressive disease.)
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To: jimbo123

Tough noogies for the insurance companies, they got into bed with the government, now they can reap the whirlwind.


58 posted on 11/14/2013 3:33:43 PM PST by dfwgator (Fire Muschamp.)
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To: jersey117

Good point. He’s always had other people to do the work for him. But now things are so FUBARed, nobody can fix it. Even repeal tomorrow would leave months of work ahead to pick up the pieces.


59 posted on 11/14/2013 3:36:00 PM PST by MUDDOG
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To: Red Badger
This tells me that crony capitalism was the driving force for the ACA. Did anyone wonder why the insurance industry was so silent about Obamacare? Now we know. I can imagine insurance corporations buying into Obamacare, as it was becoming law. To get the insurance industry to buy into the ACA,the Democrats built into it a big payoff for them. These expensive plans would give them a big cash windfall. This is the trick the Democrats used to silence the insurance industry to their scheme. I am sure the insurance industry lined the politician's pockets to make sure the law would maximize their gain. The effect was to enable the IRS to force Americans up against the wall and mugged of all their disposable income.

Those money grubbing Democrats who punched the Obamacare ticket are now finding themselves riding down the tracks with Americans ready to derail their gravy train. If I had my way I would elect a President who vowed to prosecute every Democrat to the fullest extent of the law for fraud and treason.

60 posted on 11/14/2013 3:52:34 PM PST by jonrick46 (The opium of Communists: other people's money.)
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