Obamacare’s defenders must feel like the band that played as the Titanic sank into the icy waves of the North Atlantic. Because if Obamacare wasn’t a sinking ship already, it certainly is now.
One of the nation’s largest health insurers, Cigna Corp., announced Thursday, “it would not expand its individual Obamacare plans into more states next year,” according to Reuters. The Cigna announcement marks the latest blow the already-cracked windshield that is Obamacare.
When the Patient Protection and Affordable Care Act (Obamacare) was crafted in 2009/2010, the nation’s largest health insurers, pharmaceutical companies, and health providers were allowed to collude with the White House and Congressional Democrats. President Obama said that the resulting legislation “…would end the worst practices of insurance companies… No longer would they be able to arbitrarily and massively raise premiums like Anthem Blue Cross recently tried to do in California — up to 39 percent increases in one year in the individual market… And my proposal says that if you still can’t afford the insurance in this new marketplace, even though it’s going to provide better deals for people than they can get right now in the individual marketplace, then we’ll offer you tax credits to do so — tax credits that add up to the largest middle-class tax cut for health care in history. After all, the wealthiest among us can already buy the best insurance there is, and the least well off are able to get coverage through Medicaid.”
Obamacare has done none of this. Reuters notes: “Insurers including Aetna Inc (AET.N), UnitedHealth Group Inc (UNH.N) and Anthem Inc (ANTM.N) – which has agreed to buy Cigna – say they are losing money on the exchanges because of lower-than-anticipated enrollments. Enrollees are also sicker and older than expected.”
AAN Staff
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