Obamacare in “Death Spiral” As Insurers Continue To Drop Out

As the fight to repeal Obamacare drags on, another insurer has called it quits. Last week Humana signaled its intention to completely pull out of the Obamacare exchanges. The news comes after Humana and Aetna called off a merger, costing Aetna nearly $1 billion.

Last summer Aetna scrapped 70% of its Obamacare plans after $300 million in losses; their future participation  remains unclear especially after their CEO recently said Obamacare was in a“death spiral.”

Death spiral couldn’t describe the situation better. Insurers have been dropping out one by one as their profit margins disappear. Aetna’s CEO described the causality like this, “too many sick people and not enough healthy people are signing up.” As premiums rise to cover costs, healthy people drop out and opt to pay the fine, forcing insurers out of the market.

And it’s not going to get better.  Programs put in place to prop up insurers at the taxpayer’s expense have and will expire. Costs will continue to rise. Choice will continue to disappear. Obamacare needs to be repealed now. The longer Congress delays repealing Obamacare, the longer the current healthcare crisis lasts and the longer individuals must endure the rising costs and outrageously high deductibles.

Over a month ago the House took the first step in the repeal process but much more work remains. Only after members of Congress fulfill years of campaign promises to repeal can true reform to the healthcare system take place. Access to affordable health care won’t happen under the current system.

The longer Congress debates replacement options the more likely they’ll compromise the opportunity to follow through on repeal.

 


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By Curtis Dubay, Heritage Foundation Economic & Tax Expert Tax reform remains a central issue in Washington because of its overwhelming necessity. Tax reform is badly needed to revive the slow-growing economy and increase job creation and wages for American families. The current tax system is a large weight holding…

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Video: How to Discuss Conservative Issues in your Community

https://www.youtube.com/watch?v=p16sK9roImM&feature=youtu.be The majority of Americans agree that consumers lose with Dodd-Frank because the law is consumer protection for billionaires. Watch CEO & Managing Partner of Heart & Mind Strategies Dee Allsop, Ph. D, discuss the latest polling on Dodd-Frank and how to effectively talk about financial regulation in your community. Click here to read…

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Stopping the DOL’s New Fiduciary Rule is Another Reason Congress Must Pass the Financial CHOICE Act

On September 13th, the House Financial Services Committee passed Chairman Jeb Hensarling’s (R-TX) Financial CHOICE Act (H.R. 5983) by a vote of 30-26. This bill represents a major first step to completely repeal the Dodd-Frank Act of 2010, which codifies “too big to fail” policy, raises the cost of providing…

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PHH vs. CFPB

By Gloria Taylor The regulatory behemoth created by Dodd-Frank, the Consumer Financial Protection Bureau (CFPB), could be in hot water as the D.C. Circuit Court of Appeals is set to rule on PHH Corp v. CFPB by the end of the year. In step with its history of regulatory overreach,…

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Video: What Pro-Growth Tax Reform and Conservative Health Care Reform Should Look Like

https://www.youtube.com/watch?v=b9ev9fB2UU0 Watch Heritage Foundation scholars Paul Winfree and Ed Haislmaier, along with CEO of Juniper Research Group Chris Jacobs, discuss the impact that an outdated tax code and a broken  health care system has on realtors, business owners, and the country as a whole and what Congress should do about it.…

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Video: Get the Government Out of the Housing Market

https://www.youtube.com/watch?v=3pdjXcME5HY Real estate professionals know firsthand the dangers of government intervention in the housing market. The housing bubble and subsequent collapse of the financial markets in 2008 was in part caused by government efforts to artificially expand home ownership regardless of the financial risk. Government-sponsored enterprises like Fannie Mae and…

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How Bailing Out Health Insurers Creates Single-Payer Health Care

By Chris Jacobs, CEO of Juniper Research Group The bad news for Obamacare keeps on coming. Major health carriers are leaving insurance exchanges, and other insurance co-operatives the law created continue to fail, leaving tens of thousands without health coverage. Those on exchanges who somehow manage to hold on to their…

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Professional Sentinel Fly-In Recap

Last week, over 60 Professional Sentinels working in the real estate and business communities, and representing 23 states, came to Washington, D.C. to the Heritage Foundation for our 2016 Professional Sentinel Fly-In. The passion and enthusiasm of the Professional Sentinels who came made this event a huge success. On day…

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Opponents of CHOICE Act Aren’t Interested in Protecting Consumers

By Norbert Michel, Heritage Foundation Financial Regulations Expert On Tuesday, Sept. 13, the House Financial Services Committee passed the Financial CHOICE Act. Among other needed financial reforms, the bill would make taxpayer-funded bailouts of big banks less likely and ease regulations that hurt community banks. It’s hardly a surprise that…

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Grand Theft Health Insurance

By Edmund Haislmaier, Heritage Foundation Health Care Policy Expert Recently, the national Blue Cross and Blue Shield Association has been aggressively lobbying Congress to ignore the Obama administration’s illegal diversion of tax dollars into the pockets of—you guessed it—health insurers. At issue is funding for the “transitional reinsurance” program in…

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