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Obamacare is working so well insurance companies are in a race to get out of it. The latest escapee is Oscar Health Insurance, announcing today they are completely withdrawing from the New Jersey market.
Oscar Health Insurance, a start-up insurance company founded by a scion of the Kushner real estate fortune and known for its cartoon advertising campaign in mass-transit hubs, announced Tuesday that it was pulling out of the market in New Jersey created by the Affordable Care Act.
The company started providing coverage to New Jersey residents in 2015, and insured 24,560 people, as of March 30.
Oscar also is withdrawing from the individual market in Dallas-Fort Worth. It will remain in New York, Fort Worth, Los Angeles and Orange County, a company statement said.
The exodus from Obamacare is now a stampede, as Oscar joins Aetna and UnitedHealthcare (Oxford) in abandoning the federally-mandated marketplace.
So now there are only 3 insurers left in NJ's Obamacare exchange: Horizon Blue Cross Blue Shield of New Jersey, AmeriHealth of New Jersey, and Health Republic Insurance of New Jersey.
Blue Cross is of course the state's insurer of last resort, and they've got the astronomical rates to prove it.
Nationwide the trend is the same, or worse.
Residents in seven states won't have much of a choice in selecting medical coverage under ObamaCare next year because only a single insurer plans to offer policies in each market, it was reported Monday.
"Lower-than-expected enrollment, a high-cost population, and troubled risk-mitigation programs have led to decreased plan participation for 2017," said Dan Mendelson, president of the consulting firm Avalere Health.
Avalere's analysis indicates that Alaska, Alabama, Kansas, North Carolina, Oklahoma, South Carolina and Wyoming will each have only one carrier selling policies.
But people in those 7 states are still better off than residents of Pimal County, Arizona. No company will offer an Obamacare plan there next year. None.
The president says you have to buy it. But he forgot to tell someone that they have to sell it.
Which, if you think about it for a minute, is actually a feature from his perspective, and not the bug you'd expect it to be.
Because if no one is willing to provide Obamacare coverage, that opens the door to having the Federal government step in to provide coverage.
And before you can say "single payer," that's exactly what you'll get — health care with the compassion of the VA delivered via the efficiency of the DMV, all at a price that'll make your taxes skyrocket.
Gee, where do I sign up?
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