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Thursday, March 26, 2015

Progress Report on Obamacare

Progress report on Obamacare. As predicted, it has shrunk the number of firms in the marketplace, raised premiums, and etc

Key excerpt:
"A recent report by HealthPocket, an online insurance marketplace, has revealed that premiums for individual Americans skyrocketed after Obamacare became law.
Drug costs have jumped, too, despite promises to the contrary from the Obama administration. The majority of health plans offered on the exchanges have shifted costs for expensive medications onto patients, according to a study by Avalere Health. In 2015, more than 40 percent of all “silver” exchange plans – the most commonly purchased – charged patients 30 percent or more for specialty drugs. Only 27 percent of silver plans did so last year. Part of the problem is that the health law has quashed market competition.
The president promised in 2013 that “this law means more choice, more competition, lower costs for millions of Americans.” But that hasn’t turned out to be true. According to the Heritage Foundation, the number of insurers selling to individual consumers in the exchanges this year is 21.5 percent less than the number that were on the market in 2013 – the year before the law took effect.
The Government Accountability Office reports that insurers have left the market in droves. In 2013, 1,232 carriers offered insurance coverage in the individual market. By 2015, that number had shrunk to 310.
With competition in the exchanges on the decline, quality is going down, too – just like President Obama said in 2013: 'Without competition, the price of insurance goes up, and the quality goes down.'"
Article: "Looking At Obamacare, Five Years On"

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