Tags: Barack Obama | Healthcare Reform | Obamacare | Price Hike | Hits | Election Day

Obamacare Price Increase May Hit Right Before Election Day

Image: Obamacare Price Increase May Hit Right Before Election Day
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By    |   Monday, 02 May 2016 11:10 AM

Insurance companies that have faced turmoil over Obamacare losses may be looking to raise rates with the CEO of Aetna saying the company anticipates $650 million in losses this year.

"I think of lot of insurance carriers expected red ink, but they didn't expect this much red ink," said Greg Scott, overseer of Deloitte health plans.

According to Politico, plans cannot choose who to insure, and can't charge them based on their medical history. Republican lawmakers blocked payments that would have helped insurers in the first few years the Affordable Care Act was enacted.

The insurance marketplaces open Nov. 1, one week before U.S. elections.

"We're in an election where the very future of the law will be debated," Larry Levitt of the Kaiser Family Foundation told Politico.

Republicans could be gearing up to use the increases for political advantage. "You're seeing the beginning of the so-called insurance death spiral," Sen. John Barrasso of Wyoming said, reports Politico.

Republicans don't have another option to counteract the law, according to Democratic pollster Anna Greenberg.

"The Republicans will try to make Clinton own the higher prices," Greenberg said, but "they are in the position of taking away insurance if they repeal Obamacare."

Twelve of the 23 nonprofit startups that were seeded with Obamacare loans have collapsed, and the remaining 11 continue to face increased prices. "I have to raise prices because I have to assume the worst," New Mexico Health Connections CEO Martin Hickey said.

Health plan officials say that some changes are needed to help stabilize the markets, such as allowing insurers to offer different kinds of policies. However, many insurers remain committed to the Obamacare marketplace.

"We believe we are in a very good place to make this a sustainable program," Aetna CEO Mark Bertolini said.

Security Health Plan officer John Kelly said the company remains committed to those it insures. "We expected to take losses and we did," Kelly said. "We are not leaving our markets."

The American Spectator pointed out that the Indiana primary is a key battleground for whether Obamacare continues. If Trump wins in Indiana, he'll be more likely to get the Republican nomination.

The Spectator predicted Trump would lose to the Democratic candidate, Hillary Clinton, who supports Obamacare.

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Insurance companies that have faced turmoil over Obamacare losses may be looking to raise rates with the CEO of Aetna saying the company anticipates $650 million in losses this year.
Obamacare, Price Hike, Hits, Election Day
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2016-10-02
Monday, 02 May 2016 11:10 AM
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