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January 07, 2014

Obamacare Officially Cancels More Insurance Plans Than It Creates

The program sold as a way to get more Americans insured has resulted in... a net loss of three million insured Americans.

This story is from January 1st. There were probably some additional sign-ups since then. (I guess.)

Obamacare may have promised health insurance for the masses. But on its first day, its left more Americans without coverage than before the law was passed.

More than 4.7 million Americans had their health insurance canceled as a result of any of the thousand-plus-page laws new rules, The Associated Press reports, but the Department of Health and Human Services (HHS) confirmed Tuesday that between federal and state exchanges, just two million Americans have signed up for Obamacare coverage. (RELATED: Obama administration announces net loss of at least 3 million insurance plans)

The Obama administration has yet to announce the final tally of full enrollments, which are only confirmed once customers have made their first payment, but Cato Institute health policy expert Michael Cannon warns that not all those who signed up will complete their purchases, potentially leaving the White House with an even lower bottom line.



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posted by Ace at 11:08 AM

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