If there's any indicator showing Obamacare's abject failure, it's the fact that more people have lost their coverage than have enrolled in the new Obamacare exchanges. Yes, we're all on the Titanic - and everyone is going to drown.
Josh Archambault at Forbes noted yesterday that:
"Over 500,000 individuals have seen their insurance policies cancelled in just 3 states. In all 50 states, only 476,000 applications have been "filed" in an exchange. (Even though we are still learning the true definition of 'filed.')"
According to Kaiser Health News on October 21, more than 460,000 people have been dropped from their insurance in just three states:
"Florida Blue, for example, is terminating about 300,000 policies, about 80 percent of its individual policies in the state. Kaiser Permanente in California has sent notices to 160,000 people - about half of its individual business in the state. Insurer Highmark in Pittsburgh is dropping about 20 percent of its individual market customers, while Independence Blue Cross, the major insurer in Philadelphia, is dropping about 45 percent."
Archambault added that since some are applying for Obamacare and Medicaid, even "the 476,000-figure is misleading":
"My best guess is that for the 17 states that have reported out some data, the number is closer to 193,818 applications (once you pull out the Medicaid applications that have been reported on). Of course, this number is also still too high as it is compromised by the jointly reported data."
"What becomes clear, [sic] is that the federal exchanges in 34 states are accounting for a single digit percentage of the accounts being filed."
What's more ominous are his closing graphs of his piece:
"A careful study showed that fully 51% of plans in the non-group market failed to meet the stringent ACA standards. That is, they were inexpensive Ford Fiestas instead of Toyota Priuses."
Since there's 19.4 million non-elderly who have non-group policies [Table C-3], this means that nearly 10 million will lose their coverage and ...there's another 28.5 million in the small group market who are susceptible to losing their current coverage since eventually all plans in that market will lose their grandfather status and have to conform to the more expensive Obamacare standards."
Yeah, it seems that we can't keep our plans even if we like them. After all, before this new health care entitlement was trusted upon us, 85% of Americans had health insurance, and 87% of the 85% liked their plan.