Sticker Shock and Cancellations: Millions More Hammered by ObamaCare

By:  William F. Jasper
11/07/2013
       
Sticker Shock and Cancellations: Millions More Hammered by ObamaCare

With only half the states reporting, 3.5 million Americans have already received notices of cancellations of their individual healthcare plans, and tens of millions more with policies from small businesses will lose theirs in the coming year.

If you haven’t already received a cancellation notice from your healthcare insurance provider, undoubtedly, you know a friend or family member who has already received the devastating news. Millions of Americans are receiving letters from insurance companies like these featured on MyCancellation.com from BlueCross BlueShield, Humana, Aetna, Health Net, Anthem, Cigna, Coventry, and others informing them that their current health care policies are being cancelled because they can no longer be offered under the Affordable Care Act (ObamaCare). Replacement policies often involve premium increases of 100 percent or more, in addition to to the triple whammy of increased co-pays, higher deductibles, and loss of tax deductions for excessive medical expenses.

Even many of those policies that have not been canceled technically are de facto cancelled, since premiums, benefits, co-pays, and deductibles have been so drastically altered that they are no longer the same policies, although they may carry the same name.

3.5 million Canceled ... and Counting

At first, it was only the 19 million or so people in the individual health insurance market that were said to be at risk of losing their existing plans. Associated Press reported on November 4 that “at least 3.5 million Americans have been issued cancellations, but the exact number is unclear. Associated Press checks find that data is unavailable in a half the states.” So the number of cancellations could already be double that, or more, depending on which state totals remain to be tabulated.

As we reported weeks ago, healthcare expert Robert Laszewski predicted as many as 16 million Americans in the individual market are in danger of losing their coverage. But, we noted shortly thereafter (“ObamaCare Killing Employer-sponsored Health Insurance — Millions Affected”) all Employer Sponsored Insurance (ESI) plans, whether provided by private companies or government entities, are also on the ObamaCare chopping block. Home Depot, GE, Trader Joe’s, Walgreen, IBM, Time Warner, and the Fairfax County (Virginia) Water Authority are just a few of the major corporations and government agencies that have announced intentions to stop sponsoring employee health insurance plans.

Small Businesses Next on the Chopping Block

Over the next few months, millions of employees who work for small businesses will experience the same cancellation shock and sticker shock now being felt by millions of Americans  with individual health plans. Scott Gottlieb at Forbes.com reported on November 6: 

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