In Your Face Gruber — Americans Are Boycotting Obamacare!
A few money quotes from this target-rich shadenfreude special…
“For the insurance companies doing business in the state–the ones issuing policies to those 600,000 people–Obamacare has turned into a financial sinkhole. UnitedHealth Group, the nation’s largest insurance company, is pulling out of the Obamacare business in North Carolina next year. Blue Cross Blue Shield of North Carolina, which dominated the individual market with more than a half-million customers, reported that losses on its Obamacare business in 2014 and 2015 topped $400 million. The only other current competitor, Aetna, wants to hike rates by nearly 25 percent next year.” [...]
“Fewer individuals signed up for coverage than projected, and they’ve proven sicker and more expensive than insurers had expected.” [...]
“Three years ago, the Congressional Budget Office projected that 24 million Americans would be enrolled in exchange plans in 2016. The reality: barely half that number signed up this year–and that number is certain to erode as people stop paying their insurance bills or find jobs that include coverage.”