Diary

First Casualties of Obamacare: 2 Insurance Companies

Health Reform.Gov is spinning again. Obama and his minions claim you will be able to KEEP your current policy.

The Wall Street Journal says:

President Obama guaranteed Americans that after health reform became law they could keep their insurance plans and their doctors. It’s clear that this promise cannot be kept. Insurers and physicians are already reshaping their businesses as a result of Mr. Obama’s plan.

Health Reform.Gov contradicts that. And we have our first “casualty.” This from an insurance company in Richmond, Virginia. NHealth will be exiting the insurance market. In a letter sent to agents they tell them:

The newly enacted healthcare legislation now demands significantly higher capital as well as much higher loss ratios than had been previously required, creating thresholds that run counter to the efficiencies built into our business model. The most prudent and sensible conclusion for us is to discontinue the sale of healthcare policies and withdraw from the healthcare business. [sic] nHealth will terminate all groups by December 31, 2010.

Streamline Timberworks (lower right) saved more than $50,000—28 percent—by changing their company’s health insurance to nHealth. Because of ObamaCare, this company will lose its current health insurance plan, and its employees will have to switch insurance carriers and may lose access to their current doctors.

And American National will cease to sell individual policies as/of June 30, 2010 because of Obamacare.

Way to go, Obama. Your master plan to throw people into the government pool is right on schedule.

Crossposted