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Your insurance will cost more.

September 30, 2010

Just in case you weren’t paying attention, thanks to Obamacare, your health insurance will cost more.  Why?  TIB Tips outlines three reasons:  children with pre-existing conditions can not be denied insurance, the maximum lifetime benefit has been eliminated, and preventive care must be “free”. Each of these increases the costs paid out by the insurance companies and must be offset by increased premiums coming into the insurance company.

Nothing is free.

And the next step is that you will have fewer companies to choose from when selecting plans because some will just get out of the business.  Principal Financial is the first that I’ve heard about but I’m sure that there are others.

Fewer plans at higher costs.  Is this what people wanted?

6 Comments leave one →
  1. crazybengal permalink*
    September 30, 2010 2:57 pm

    The long term goal is single payer government health care like Great Britain and Canada.

    • Michele permalink*
      September 30, 2010 3:14 pm

      Yippee.

  2. October 5, 2010 5:48 pm

    Thanks for the link/quote. I know that many people are happy about thet demise of health insurance companies but as the smaller companies go under, the remaining providers will have less competition and freedom to raise rates even higher. In 2009 Pelosi and Reid sold the PPACA on the “fact” that it would promote competition. This is the first I have heard about Principle Financial. Here in Texas I am only aware of their disability plan and not a major medical plan. I know that as of June 1 Unicare closed their operations here in Texas. I am also licensed in Michigan. I know that 2 health insurance companies have closed down their major medical operations in Michigan. I don’t know about the rest of the nation but assume that in the next 3 years many of the smaller companies will shut down and in 2014 not only will their be much fewer plans people can choose from, their company options will be fewer.

  3. Michele permalink*
    October 5, 2010 11:04 pm

    This was entirely predictable.

    If businesses can’t make money, they will get out of the business.

  4. crazybengal permalink*
    October 6, 2010 3:06 am

    again, their goal

  5. October 6, 2010 10:11 am

    I found this article with more information about the withdrawal of Principal Financial from the market. When Unicare withdrew from Texas their policies were taken over by Blue Cross. Apparently, Principal’s policies are going to be taken over by United Healthcare.

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