Insurance companies going bankrupt?

Good day all. There are stories now starting to appear about the financial stability of the insurance companies that backed Obamacare. These companies were salivating at people being forced to buy health insurance. They say an endless stream of profits coning into their bank accounts.

Unfortunately for the insurance companies, that isn’t turning out to be the case. What appears to be happening is the exact opposite and the Obama regime is getting worried. Here are some of the juicy details from Fox News:

While the administration publicly expresses full confidence in its health care law, privately it fears one part of the system is so flawed it could bankrupt insurance companies and cripple ObamaCare itself. “Week after week, month after month,” says John Goodman of the National Center for Policy Analysis, “the Obama administration kept telling us everything’s working fine, there’s no problem and then they turn on a dime and fire their contractor.”

Somehow, just saying “I told you so” just isn’t very satisfying. I think this would be a more appropriate response.

Just how bad is it?

To justify a no-bid contract with Accenture after firing CGI as the lead contractor, the administration released documents from the Department of Health and Human Services and the Center for Medicare and Medicaid Services that offered a rare glimpse of its worst fears, saying the problems with the website puts “the entire health insurance industry at risk” … “potentially leading to their default and disrupting continued services and coverage to consumers.”

Then it went even further, saying if the problems were not fixed by mid-March, “they will result in financial harm to the government.” It even added that without the fixes “the entire health care reform program is jeopardized.”

Gee, didn’t people say that this could happen? Of course they did. And the SCoaMF’s running this disaster refused to listen to anyone. Typical Progressive Liberal Moonbats. Now that the proverbial chickens are coming home to roost, the lies, denials and blaming others has started.

In spite of the “urgent” need officials cited to keep the system from collapsing, the White House spokesman said he knew nothing about it.

“I didn’t see the article I’m not aware of those statements,” Jay Carney said.

And if you believe that these idiots didn’t know what was happening, I have some nice swampland to sell you in the Sahara Desert. To really throw gasoline on the fire, Moody’s Investor Service is downgrading the Insurance companies. According to the Washington Examiner:

Credit ratings firm Moody’s Investors Service on Thursday lowered its outlook for health insurers to “negative” from “stable,” citing “uncertainty” swirling around the rollout of President Obama’s health care law. In a new report, the agency said that the outlook for insurance companies is no longer clear because the law’s insurance exchanges haven’t been attracting enough younger individuals. In addition, Moody’s analysts were concerned that the Obama administration has been changing regulations after insurers had already set prices for the year.

“While we’ve had industry risks from regulatory changes on our radar for a while, the ongoing unstable and evolving environment is a key factor for our outlook change,” Stephen Zaharuk, author of the report, said in a statement. “The past few months have seen new regulations and announcements that impose operational changes well after product and pricing decisions were finalized.”

The problem is Obama. Since he keeps changing the rules, in complete violation of the law, the insurance companies can’t predict their costs. If they can’t generate an accurate assessment of what their costs are going to be, they are going to be very conservative. This means massive rate hikes at best.

Mark Bertolini, the CEO of Aetna was interviewed recently by CNBC  about what could happen.

Aetna CEO Mark Bertolini told CNBC on Wednesday that Obamacare has failed to attract the uninsured, and he offered a scenario in which the insurance company could be forced to pull out of program. The company will be submitting Obamacare rates for 2015 on May 15.

“Are they going to be double-digit [increases] or are we going to get beat up because they’re double-digit or are we just going to have to pull out of the program?” Bertolini asked in a “Squawk Box” interview from the World Economic Forum in Davos, Switzerland. “Those questions can’t be answered until we see the population we have today. And we really don’t have a good view on that.”

Of course you don’t have a good idea. Der Fubar has decreed that no information that makes him or his legacy look bad shall be released. The problem is, that data is required by the insurance companies so they can determine how big the risk pool actually is. Right now all we’re getting from Il Douche and his minions are lies and denials.

He said that so far, Obamacare has just shifted people who were insured in the individual market to the public exchanges where they could get a better deal on a subsidy for coverage. “We see only 11 percent of the population is actually people that were firmly uninsured that are now insured. So [it] didn’t really eat into the uninsured population.”

Well, I see someone has been into the medical marijuana. First, the system that determines what the subsidy is, if any, doesn’t exist. Second, the people signing up for the most part or those who had health insurance, plans that provided what they wanted, and who lost them thanks to Obama and the very sick. The crap that they are being forced into is horrendous and in some cases, potentially lethal to people.

For Obamacare to work better, it needs more flexibility and choice of insurance programs, Bertolini said. “We need to make it a lot more simpler for people. There needs to be more choice. When you get more choice, you make it more of a market and you get more people in the program.”

The word for this statement is “DUUUH!” It’s also dead opposite of what is actually occuring.

By 2020, Bertolini said he sees 75 million people buying health-care insurance from exchanges. “Some portion of that will be public exchanges—probably 20 million to 25 million will be public exchanges—the rest will be private exchanges.

Take another toke there Mark and have a Twinkie. The state exchanges are a complete failure and the Federal site is so bad and insecure that it will need to be completely rebuilt. Add to this all the people who want Obamacare repealed, and I think it’s a safe bet those exchanges will be gone by 2020. That or your company will be gone as in nationalized under the ultimate plan of the Progressive Liberal Democrats to institute a single payer, government system.

With Moody’s downgrade, I think you and the other morons CEO’s who backed this fiasco might be more concerned about the shareholders inviting you to spend more time with your family. Obamacare is a failure. It was rammed down the throats of the American people, the Supreme Court then said it was just fine to tax people for NOT doing something and now that people have been kicked off their plans with more to be bounced this year? There is a possibility that tar, feathers and rope might be coming back into vogue.

When the Progressive Liberal Democrats enlisted you and the other CEO’s to push this through, you never thought about what would happen if it failed. Well, now you are beginning to find out. You were greedy and now you might just be forced out of business. What you pinheads should have been doing is pushing for less regulation AND allowing you to sell across state lines. As ye Sow, So Shall Ye Reap and you are going to reap big time you schmuck.

Thatisall

~The Angry Webmaster~

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