Obamacare is unfolding just as financial experts and folks with even a little common sense knew it would.
Five million people may have been able to get free or cheap insurance funded via subsidies paid for by the middle class, but about seven million people who are helping pay for the medical care of others now can no longer afford health insurance themselves.
Five major health insurance providers in Minnesota are threatening to leave the Obamacare marketplace before the 2017 policies are offered unless substantial rate increases are approved.
The devastating announcement by the Minnesota Department of Commerce Commission comes on the heels of news indicating medical insurance providers are yanking their plans from the exchanges in multiple states before the end of the year.
“It’s in an emergency situation — we worked hard and avoided a collapse. It’s a stopgap for 2017,” said Minnesota’s Department of Commerce Commissioner, Mike Rothman.
According to a Breitbart report, rate increases ranging from 50 to 67 percent prompted the decision for all but one of the health insurance providers to stay on the Minnesota Obamacare state exchanges.
According to an MNSure state exchange representative, the Minnesota residents should expect their medical care premiums to increase by AT LEAST 60 percent in 2017!
According to Minnesota State House Speaker Kurt Daudt, “The unhealthy combination of massive cost increases and enrollment caps is creating a health care crisis for thousands of Minnesota families.”
The major cost increase is apparently still not enough to make Obamacare affordable and readily available for consumers and still profitable for the insurers.
Most of the remaining providers on the state exchange are reportedly planning to limit enrollment to mitigate the risk associated with assuming consumers of Blue Cross Blue Shield, which pulled out of the marketplace after citing financial loss as the reason.
The program is completely collapsing, as many experts predicted, right at election time.
I hope voters look at their bank accounts and their health coverage if they have not yet decided on a candidate.
If those two factors are their final points of decision, Trump will clearly be their choice.
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