Thursday, January 23, 2014

ObamaCare - Story Far From Over

The ObamaCare story is far from over.   In documents to justify a no bid contract to Accenture to fix the ObamaCare website, Obamanistas asserted that if the system is not fixed by the end of March, 2014, that ObamaCare could collapse because the back end of the system to actually transmit information to insurance companies and guarantee accurate subsidy payments by the government has not been written.  So while a few million people are enrolled in ObamaCare, insurance companies are reporting that payments have not been made to assure medical insurance coverage, which is putting insurance companies in jeopardy.

Further, while many are signing up for Medicaid that they probably would have gotten it anyway, the others signing up are 50 - 64 year olds, with pre-existing conditions and those getting subsidies at tax payer expense.   There are not enough paying customers and particularly young paying customers signing up for the numbers to work.  This is causing "adverse selection" for the insurance companies, which is one reason that Aetna, the nation's largest medical insurance provider with over 50 million insured has said they may be forced to pull out of offering medical insurance through ObamaCare.   The CEO of Aetna also said that if things continue as is, there will be double digit increases to medical insurance premiums in the 2015. 

In addition, several companies like Target, Trader Joe's, Wal Greens and others have already announced that they would cease providing medical insurance to their part time employees pushing them on to ObamaCare, at tax payer expense instead, to get rid of the company expense.  Surprise, Surprise.   Everybody knew this was coming.  There will be many more company announcements in 2014 and 2015 as the employer mandate kicks in.  Millions of employees will lose both full time work and their company sponsored health insurance as a result of ObamaCare.  

This is a big mess that keeps on giving.  Clearly, the vast majority of Americans are opposed to ObamaCare.   As such, repeal is not off the table.  Certainly, if Republicans gain control of both Houses of Congress and the Presidency in 2014 and 2016, the ObamaCare monstrosity will go bye bye.  And then, the Congress can enact real health care reform that actually brings down the cost of medical insurance, while dealing with the uninsured and those with pre-existing conditions.          

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