Obamacare has fulfilled none of its promises.
The number of uninsured is not zero as promised but it is the lowest it has been and the reason for that is the overwhelming number of new enrollees were put on free healthcare – Medicaid. Instead of going down, premiums have skyrocketed because 5% of the people use 50% of the healthcare costs.
Of the 23 healthcare cooperatives approved by Obamacare, 16 have announced that they’re closing their doors this year. Healthcare cooperatives are low-cost, consumer-focused options.
The risk corridor didn’t work because too few are making enough of a profit to feed into it and companies losing money can’t collect as planned.
Health insurance companies are dropping out of Obamacare because the losses are massive. That is what gets us to the most alarming part aside from the threat of a Single Payer system.
Obamacare is wiping out the competition — an easily foreseeable outcome.
A new study released by Avalere Health, a Washington, D.C.-based consulting firm analyzed the exchange markets across the country for 2017 and found that nearly 36% of consumers are expected to have just one participating insurer offering coverage.
Seven states — Alaska, Alabama, Kansas, North Carolina, South Carolina, Oklahoma, and Wyoming — are expected to have just a single insurer offering Obamacare coverage in 2017.
Another 19% of consumers are believed to have a choice between just two insurers. The remaining 45% of consumers are forecast to have three or more competing insurers to choose from. In a small number of regions, Avalere says there may be no Obamacare plans offered at all.
In 2016, Avalere’s research found that just 4% of market region consumers had only one insurer to choose from, 29% had two insurers to compare, and 67% had three or more insurers competing. So, over the course of a year, the number of consumers with just a single insurer to choose from will rise 800%.
Outside of going to Single Payer and having the government control every aspect of Obamacare, this is the most alarming trend.