This was a rather eventful week for the unfolding train wreck of Obamacare. To recap some of the
- Numbers come out showing the dismal number of people signing up for insurance through the insurance exchanges. Here in NC, it was reported that only about 1,700 successfully signed up
- Compare that to the more than 470,000 North Carolinians who lost their insurance plan – even though the President repeatedly promised "if you like you plan, you can keep it"
- Speaking of keeping…err losing…ummm keeping your insurance plans: the President yesterday announced that those losing their plans will be able to keep them for another year. No mention was made by what authority he can unilaterally change the legislation, but this is far from the first time Obama has tinkered with "the law of the land."
- As I warned yesterday, such a major reversal in the status of millions of people's insurance plans could create havoc in the insurance industry. As reported yesterday, there is great uncertainty over what will happen with the nearly half a million North Carolinians who received notices that their plans were cancelled." It's not clear whether state Insurance Commissioner Wayne Goodwin would approve an insurance company's plan to reverse its policy cancellations. Goodwin did not respond when asked through a spokeswoman whether reversing policy terminations are practical now that notices have gone to policyholders. Goodwin said he is studying the issue and hopes to decide soon."
- The state insurance commissioner of Washington has already decided that it would be too chaotic for insurance providers to now extend the recently cancelled policies in his state. “I do not believe his proposal is a good deal for the state of Washington,” Kreidler’s statement continued. “We will not be allowing insurance companies to extend their policies.”
All this, and the employer mandate has not yet kicked in. What a disaster.