One View: Get ready for health care rate hikes in 2017
No wonder Obamacare’s sixth birthday celebration on March 23 passed completely unnoticed. There are some big losers in this experiment in health care legislation and nothing to expound on its successes, because there really aren’t any.
Remember the “risk corridor provision” in the Affordable Care Act that guarantees insurers of their potential losses with Obamacare plans, commonly told to the public and sold to the health insurance companies as a means to adopt and expand into the new ACA marketplaces? The insurers that made profits in the new marketplace are required to place some of those profits in the risk corridor for those companies that lost in other geographic and demographic areas. Well, guess what? They all lost money or went out of business, including our own taxpayer-funded Nevada co-op as well as over half the co-ops nationwide. The oldest health insurance company in the world (120-plus years) stopped selling health plans forever. Health insurance companies were promised they would receive 100 percent of their losses; now it appears they will receive less than 13 percent of the losses due to Obamacare. Insurance companies and their stockholders have lost over $2.5 billion to date.
Source: Reno Gazette.