Obama also says most people won’t want to, anyway, and that anyone who’s had an individual policy canceled to look at what’s available at Healthcare.gov before they look to reinstate their old policy.
This guy is a walking book of contradictions.
Roughly 85% of Americans have insurance. Out of a population of approximately 317 million, about 11 million people have policies on the individual market.
Out of that 11 million, at least 4.2 million Americans have been sent cancellation notices by their insurers. People, who were kicked off of a plan they liked and could afford that, are now facing higher premiums and deductibles.
Aside from the reason why Obamacare had to be passed for 10% of the nation’s population, insurance companies and commissioners across the country now face the daunting task of deciding how they are going to handle already-cancelled health-care policies under the president’s new administrative ‘fix’ for the Affordable Care Act.
By reinstating cancelled policies, that means that these insurance companies will need to issue coverage that doesn’t meet Affordable Care Act standards.
And it’s not so easy for an insurance company to reinstate a policy, because those companies need to plan premiums and budget for expenses far in advance of issuing a policy.
Changing the rules after health plans have already met the requirements of the new law could destabilize the market and result in higher premiums for consumers, as premiums have already been set for next year based on an assumption of when consumers will be transitioning to the new marketplace.
Each state has regulations of its own that a plan needs to comply with before it can be offered. Many of those canceled plans no longer meet state regulations; even ones that do would need to be approved by the responsible state agency and with less than two months to go in the calendar year, it won’t happen.
It’s almost the New Year and a quick fix for this mess won’t be that swift.