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80 Million To Lose Insurance Under ObamaCare ?

By David King Published: November 27, 2013

There is a report stating that 80 million people could lose their insurance because their existing plans don't meet ObamaCare requirements. Here is the gist of it:

Stan Veuger of the American Enterprise Institute said that in addition to the individual cancellations, "at least half the people on employer plans would by 2014 start losing plans as well." There are approximately 157 million employer health care policy holders.

Avik Roy of the Manhattan Institute added, "the administration estimated that approximately 78 million Americans with employer sponsored insurance would lose their existing coverage due to the Affordable Care Act."

Last week, an analysis by the American Enterprise Institute, a conservative think tank, showed the administration anticipates half to two-thirds of small businesses would have policies canceled or be compelled to send workers onto the ObamaCare exchanges. They predicted up to 100 million small and large business policies could be canceled next year.

According to projections the administration itself issued back in July 2010, it was clear officials knew the impact of ObamaCare three years ago.

In fact, according to the Federal Register, its mid-range estimate was that by the end of 2014, 76 percent of small group plans would be cancelled, along with 55 percent of large employer plans.

The reason behind the losses is that current plans don't meet the requirements of ObamaCare, which dictate that each plan must cover a list of essential benefits, whether people want them or not.

This data is extracted from the Obama administration's own estimates. So much for...if you like your policy, you can keep it, period. This puts another exclamation point on Obama's lies about his healthcare legislation. The American people were snookered, period. Btw, I STILL haven't been able to complete my healthcare.gov application, and the deadline is quickly approaching. This is the longest computer "glitch" in history. It's been going on nearly two months now. It sounds a lot more like a design problem than a glitch to me.

It will be interesting to see what happens when business insurance cancellations are added to the millions of individual policy cancellations under ObamaCare. Businesses will have two basic choices - 1) Sign up for the more expensive (in many cases) ObamaCare insurance, or 2) Dump employer-provided insurance benefits and push their employees into the healthcare.gov exchanges. Businesses with over 50 employees would pay a fine if they pursued this course, but the fine would be far less than the cost of insuring  employees.

I expect company profitability issues will be the primary determining factor. Less profitable companies will be less likely to take on the added insurance expense. We may end up with tens of millions more people on the exchanges than we've been led to believe, and many of those people will be subsidized by the federal government (the taxpayers). I wonder if this will affect the Obamacare cost estimates, which, in reality, are much larger than the $900 billion estimate that originally came from the Obama administration (the Obamatons started counting ObamaCare costs from 2010-2013, before the main thrust of ObamaCare was implemented, in order to make the costs appear lower than they actually are. The real estimated cost of ObamaCare over it's first decade of full implementation (2014-2023) is about $1.8 trillion, nearly double).

Another thing that could drive ObamaCare costs upward is what HuffPo refers to as Medicaid signups "exceeding expectations". While few healthcare.gov signups occurred (106,000) in the first month due to the malfunctioning healthcare.gov website, 444,000 Medicaid signups occurred over the first six weeks of expanded coverage. More people are signing up for Medicaid than were anticipated, according to HuffPo. Somebody has to pay for that.

House Minority Leader Nancy Pelosi (D-CA) said we'd have to pass ObamaCare to find out what's in it, and she was right. We are finding out, and the American people don't like it, according to all the leading polls. I doubt the discovery that many employees are about to have their insurance policies canceled is going to make Americans like ObamaCare any better.

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