Minnesotans are really struggling with Obamacare and rising premiums, and it seems as if there is an inevitable collapse fast approaching.
Blue Cross Blue Shield has already completely exited the market, citing significant financial losses.
Minnesota Commerce Commissioner Mike Rotham has proclaimed the current insurance market is extremely unstable, and the system is unfair and unsustainable.
Rotham has projected premiums will rise up to 67 percent this upcoming year; however, Johnathan Gold, a U.S. Department of Health and Human Services spokesperson, claimed that many subsidies will offset the rise in premiums.
The only issue with this is that a large portion of the population will not be eligible to receive subsidies and must pay the increase in premiums.
To top all of these issues off, approximately 5,000 Minnesota registered nurses have been on strike since Labor Day due to a change with insurance coverage offered by Allina Health. Union insurance has been taken off of the table, and now these nurses are facing higher deductibles and out of pocket costs.
Other states, such as Tennessee are experiencing problems just like this. Companies are leaving the market, and prices are being driven up due to lack of competition.
It has become public knowledge as of late September that it is quite possible U.S. taxpayers are more than likely about to foot the bill for this absolute failure of a policy.
The Washington Post revealed in a recent article that the Obama Administration is maneuvering to pay back billions of dollars to insurance companies, and that the money will more than likely be taken out of an “obscure Treasury Department Fund.”
This implies the government will be paying back the insurance companies, so Obama’s legacy of the ACA will seem successful. But we all really know the government has no money, but the taxpayers do.
This is simply another example of poor policy yielding poor results.