(TRUNEWS) Health insurers are seriously concerned over the future of Obamacare as many insurers rapidly lose money. Some companies are talking about ditching their participation in the marketplace or dramatically increasing prices, as reported by The Hill.
There is also the threat of a total collapse.
Analysts had expected the program to become more stable as younger, healthier people purchased insurance, but that is not happening.
Last month, Blue Cross and Blue Shield released a report claiming new Obamacare participants had 22 percent higher medical costs than people who were insured through employers.
Another report, by McKinsey and Company showed insurance companies lost money in 41 states in 2014, in the individual market, which includes Obamacare marketplaces. Blue Cross of North Carolina’s CEO Brad Wilson claimed a loss of $400 million.
“There’s not going to be something magical happen that will cause this to turn around,” Wilson said.
He believes the health insurance tax should be repealed.
Republican members of Congress who were against the Affordable Care Act warned of the problem of insurers being forced to raise premiums.
“The industry is clearly setting the stage for bigger premium increases in 2017,” said Larry Levitt of the Kaiser Family Foundation.
Deductibles and fines for not having health coverage will also go up next year.
The post Health insurers freaking out over future of Obamacare appeared first on TRUNEWS with Rick Wiles.
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