Nearly 20% Of Those On Exchanges Have Only One Choice
The dark cloud known as Obamacare is growing into thunderstorms. As major insurers such as Aetna, Cigna, United Health Care, and Humana are decreasing their presence in exchange markets and smaller carriers go out of business, nearly 36% of exchange markets have only one participating insurer, according to CNN.
President Obama’s talk of choice, competition, and decreased rates has gone from a pipe dream to the reality of just the opposite. Competition will essentially be non-existent in five states and the number us likely to grow. Obamacare is now becoming the Unaffordable Care Act as premiums are set to rise an average of another 10% in 2017. This is following 2016 which saw greater than 20% increases in 17 states and another 5 states where increases over 30%. A bit of other bad news is that in 2016, gold, silver, and bronze plan deductibles increased by another 8.4%.
Average deductibles for the bronze and silver plans are now between $3000 and $6000. The exchange enrollee now has insurance but with deductibles that make it unaffordable to seek treatment, making them essentially useless. So if the premise of Obamacare was for catastrophic coverage, it has succeeded. But in no way has it succeeded to cover those requiring non-catastrophic treatment.
The loss of competition only hurts the consumer. Insurance companies cannot absorb the risk pool that the exchanges forced upon them. Obamacare, itself is to blame, for they have required all insurance policies to cover everything whether the consumer needs that coverage or not. That means a 64-year-old woman on the exchange is paying for obstetrics and childbirth.
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