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OpenMarket: Insurance

  • Obamacare May Force McDonald's to Drop Health Coverage for Employees

    October 1, 2010
    Michelle Malkin points out that "McDonald’s has notified the feds that it may be forced to drop health insurance for some 30,000 workers due to the Obamacare mandate." A large number of employers may eventually eliminate health coverage due to Obamacare. As The Wall Street Journal notes:
    Trade groups representing restaurants and retailers say low-wage employers might halt their coverage if the government doesn’t loosen a requirement for 'mini-med' plans, which offer limited benefits to some 1.4 million Americans. The requirement concerns the percentage of premiums that must be spent on benefits. . .McDonald’s and trade groups say the percentage, called a medical loss ratio...
  • 22,000 Lose Their Health Insurance Due to Obamacare

    September 29, 2010
    Approximately 22,000 senior citizens just lost their health plan with Harvard Pilgrim Health Care, which dropped its Medicare Advantage Program due to "cuts in Medicare" that "are being used to fund national health care reform."  As the Washington Examiner notes, "President Obama's most frequently repeated health care reform claim -- 'If you like your present health insurance, you can keep it' -- sounds about as credible these days as the finger-wagging Bill Clinton did when he said, 'I did not have sexual relations with that woman.'" While Obamacare cuts Medicare for the elderly, it does nothing to slow the growth of health-care...
  • Insurers Drop Children's Health Insurance Due to Obamacare

    September 21, 2010
    Insurers have stopped writing children-only health insurance policies due to mandates in Obamacare that ignored basic principles of economics.  So if you've got coverage only for you, but not for your kid, your kid may be out of luck.  Suffer the little children! Earlier, insurers sought and obtained rate increases of up to 20 percent in Connecticut based on mandates in Obamacare that increased their costs. Major employers like AT&T, Caterpillar, John Deere, and Verizon have already...
  • Insurance Regulators Approve Increases Based on Obamacare

    September 19, 2010
    In Connecticut, insurance rate regulators have approved hikes in insurance premiums of up to 20 percent, agreeing with insurers that Obamacare increased their costs. Some people will now pay thousands of dollars a year more as a result. This contradicts claims made by President Obama and his aides that the new health care law would cut health care costs and bend the cost curve down. Employers like AT&T, Caterpillar, John Deere, and Verizon have already reported major cost...
  • Obama to Insurers: Stop Telling the Truth

    September 13, 2010
    During the fight for health insurance reform earlier this year, opponents of the bill (aka Obamacare) claimed that the proposal would increase the cost of insurance in the U.S. The bill passed and low and behold premiums are on the rise. Rather than own up to the fact that their policies are going to cost Americans more money, the Obama administration is threatening insurers who raise premiums and blame Obamacare. Late last week the The Wall Street Journal reported that Health and Human Services Secretary Kathleen Sebelius sent a letter warning  insurers that the federal government wouldn't sit "idly by"  while insurance companies raised premiums and blamed the hikes on new regulations:
    She warned that bad actors may be excluded from new health insurance...
  • Government Insurance: Guaranteed to Fail

    August 27, 2010
    Few observers were shocked when the Federal Emergency Management Association (FEMA) asked for a nearly $20 billion bailout of its National Flood Insurance Program (NFIP). For years groups and individuals have warned that NFIP was underfunded and increasing its liability each year by not encouraging consumers to move or alter their homes in a way that would limit future losses. The availability of government provided insurance allowed people to continue building in at-risk areas like Florida's coastline. The big problem? Government run insurance providers are not motivated to charge adequate rates, keep costs down, or encourage consumers to alter their homes to prevent further damage. As this USA Today article cites a notable anecdote that, unfortunately, isn't all that uncommon:
    ...
  • Missouri Voters Overwhelmingly Reject ObamaCare's Individual Mandate in Referendum

    August 4, 2010
    "Missouri voters on Tuesday overwhelmingly rejected a federal mandate to purchase health insurance, rebuking President Barack Obama’s administration and giving Republicans their first political victory in a national campaign to overturn the controversial health care law passed by Congress in March."  The referendum passed easily by a 3-to-1 margin, with...
  • Judge Lets Virginia Challenge ObamaCare's Individual Mandate, Refusing to Dismiss Lawsuit

    August 2, 2010
    A federal judge in Virginia has allowed the state’s lawsuit challenging the federal individual health care mandate to proceed: "A judge on Monday refused to dismiss the state of Virginia’s challenge to President Barack Obama’s landmark healthcare law, a setback that will force his administration to mount a lengthy legal defense of the overhaul effort." The judge's ruling is here. Ilya Shapiro of the Cato Institute, who filed a brief in support of...
  • Understanding the Health Care System

    July 29, 2010
    Check out this flow chart of what the health care system will look like once Obamacare is implemented.
  • Hopes for Federal Property Insurance Expansion: Gone with the Wind

    July 23, 2010
    Insurance industry members are wiping there collective brow after a bill was pulled from the floor of the House of Representatives before a vote. However, every taxpayer in the US should be breathing a sigh of relief. The bill, H.R. 1264 proposed to add wind insurance coverage to the National Flood Insurance Program (NFIP), which provides federal coverage in the wake of a catastrophe. A persistent idea on the hill, the effort to add wind and other perils to the Federal insurance program has, in recent years, been championed by Rep. Gene Taylor, D-Miss., who lost his home during Katrina in 2005. Whatever their intentions, adding another peril for the federal government to deal with is clearly...

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