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Tuesday, March 4, 2014

Obama to Announce Another Obamacare Delay (Till After The Election)

Here comes another delay.  According to the Hill, President Obama is getting ready to allow insurers to keep offering the plans which don't meet the Obamacare requirements.
In November President Obama attempted to correct his lie about people keeping their plans by allowing Americans to keep their current insurance policies for another year, even if their plans didn't meet the minimum standards.  Next week, the President will announce an extension to the fix:
The White House is intent on protecting its allies in the Senate, where Democrats face a battle to keep control of the chamber.

“I don’t see how they could have a bunch of these announcements going out in September,” one consultant in the health insurance industry said. “Not when they’re trying to defend the Senate and keep their losses at a minimum in the House. This is not something to have out there right before the election.”
The initial one-year keep your plan extension pushed the deadline beyond the midterm election, but insurers must send out cancellation notices 90 days in advance. That would mean notices in the mail by Oct. 1, five weeks before voters go to the polls. 
It is unclear how long the extension will be, though one unidentified source told the publication it could last to the end of Obama's second term, and possibly beyond.
Insurers are not happy:
One industry executive told The Hill the changing deadlines make it difficult to price health plans.

“These stops and starts make it very difficult because we set rates based on predictive modeling," the executive said. “When you change the rules, it has a detrimental impact on your ability to calculate your risk pool and your prices."
Also coming in October will be the changes in corporate heath insurance  as the employer mandate for companies with 100+ employees begins.  The fall out from that will be new plans which cost more and/or companies dropping insurance all together forcing their employees to go on to the exchange.

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