Monday, October 28, 2013

Report: Over Half a Million Californians to Lose Insurance Under Obamacare

Debra Saunders of the San Francisco Chronicle reports that well over half a million Californians are set to be dropped from their current insurance plan as the Obamacare rollout continues.
According to Saunders, “as of December 2012, there were 491,977 covered lives in individual health care plans regulated by the state Department Insurance that are not grandfathered under the Affordable Care Act.”
In addition, “there were about 50,000 individual and 60,000 PPO policies that were not grandfathered at the end of the year, which would add another 110,000.”
That total suggests the number of patients who could lose their current health insurance–in contrast to President Barack Obama’s oft-repeated promise–could exceed 600,000.
Those dropped from their current plans would then be required by law to purchase health insurance through Covered California, the state’s Obamacare exchange, or else pay a penalty to the IRS of at least $95 or 1% of income, whichever is highest.
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