Mike Shedlock

Millions of Existing Plans Dropped

I posted my personal experiences on Obamacare, as well as those of a reader, in Tips on Navigating Obamacare Costs on HealthCare.Gov - My Personal Experience - Obamashock!

Just in case anyone thought "ObamaShock!" was an isolated incident, the Weekly Standard reports Millions of Americans Are Losing Their Health Plans Because of Obamacare.

While the Affordable Care Act was making its way through Congress in 2009 and 2010, President Obama famously promised the American people over and over again that if you like your health plan, you can keep it.

“Let me be exactly clear about what health care reform means to you,” Obama said at one rally in July 2009. “First of all, if you’ve got health insurance, you like your doctors, you like your plan, you can keep your doctor, you can keep your plan. Nobody is talking about taking that away from you.”

But the president's promise is turning out to be false for millions of Americans who have had their health insurance policies canceled because they don't meet the requirements of the Affordable Care Act.

According to health policy expert Bob Laszewski, roughly 16 million Americans will lose their current plans.

Because the Obama administration's regulations on grandfathering existing plans were so stringent as many as 16 million are not grandfathered and must comply with Obamacare at their next renewal.

Millions of people are now receiving letters from their carriers saying they are losing their current coverage and must re-enroll in order to avoid a break in coverage and comply with the new health law's benefit mandates––the vast majority by January 1. Most of these will be seeing some pretty big rate increases.

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.
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