We all know how much Obamacare is majorly sucking right now. Heck, even Billiam and his wife know it (see Bill Clinton Doubles Down, Reminds Voters How Much ObamaCare Sucks). Especially since certain promisers failed to repeal the mess as promised. Stings a little extra. Well this new report from the Congressional Budget Office cements in that suckage.
Obamacare premiums are projected to be on the rise once again:
Premiums for Obamacare’s benchmark silver plans will increase by an average of 15 percent in 2018, the Congressional Budget Office (CBO) estimated in a new report released Thursday.
CBO blamed the premium hikes on “short-term market uncertainty.”
Insurers have pleaded for more certainty on key Obamacare payments called cost-sharing reduction subsidies, which reimburse them for giving discounts to low-income patients. The Trump administration has made the payments on a month-to-month basis, but insurers want them funded on a long-term basis.
Also contributing to higher premiums in 2018, CBO said, is a higher percentage of the population living in areas with only one Obamacare insurer. Several insurers have said they won’t participate in the markets next year, leaving many counties with only one.
In other words this massive insurance titan is failing. Surprise, surprise! This hardly comes as news. Obamacare has been a sinking ship since its inception. Which is why so many major insurers have been dropping out (see OBAMACARE: Record Number of Insurers Drop Out. Seven States Hit Hard!). Clearly the only thing keeping it all together is those buckets of federal funding. We’ll see how that works out in the long run. Hint: it won’t.
The ACA doesn’t appear to have a very long shelf life. While an impending market crash looms overhead, premiums have shot up even more, rendering it not so affordable. But fret not, dear LwCers, leftists have a plan! Bernie Sanders will “fix” this by… implementing Medicare for all. Goodie.
Let’s stop mixing socialism with medicine. They don’t go well together.
In fact, socialism doesn’t go well with anything at all.