The promise was that this would happen to ZERO people, & if you suspected otherwise, you were a liar. http://t.co/iI0MGIqdKv
— Mary Katharine Ham (@mkhammer) October 20, 2013
Health plans are sending hundreds of thousands of cancellation letters to people who buy their own coverage, frustrating some consumers who want to keep what they have and forcing others to buy more costly policies.
The main reason insurers offer is that the policies fall short of what the Affordable Care Act requires starting Jan. 1. Most are ending policies sold after the law passed in March 2010. At least a few are canceling plans sold to people with pre-existing medical conditions.
And now it’s happening.
One thought on “Tweet of the Year, We WARNED People edition.”
The failure of the exchanges and the transmittal of error laden and incomplete forms to insurance companies are forcing them to spend excessive amounts in trying to manually correct these forms by contacting the people who thought that they had finally made it thru the system. This has the potential of driving these companies below the 80% threshold of medical costs vs administration costs and opens them up to additional government penalties in the future.
Unfortunately, this is SOP for government roll-outs and cost projections. Medicare is considered a success story despite the fact that it is bankrupting the country and its initial cost estimate was off by a mere 900%
… The cost of Medicare is a good place to begin. At its start, in 1966, Medicare cost $3 billion. The House Ways and Means Committee estimated that Medicare would cost only about $ 12 billion by 1990 (a figure that included an allowance for inflation). This was a supposedly “conservative” estimate. But in 1990 Medicare actually cost $107 billion…
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