Our friendly (extortionist) insurers will most certainly want to make up for the shortfall…who’s pocket will they pick?
Insurers will get far less money than promised from the federal government this year — and a few billion dollars less than they requested — to help pay for their sickest customers.
Insurers learned late Thursday that they’ll receive just $362 million out of the $2.9 billion in requested for 2014 for the program, according to an announcement by the Department of Health and Human Services.
That’s because a program created under the 2010 Affordable Care Act hasn’t brought in nearly as much money as it needs to pay out. As insurers enrolled more older, sicker Americans under the new healthcare law, they were promised some federal money to help cover their new costs, through a program known as risk corridors.
For example, if a health plan found itself with at least 3 percent more medical claims than it had anticipated, the government would reimburse it for half of those losses. If claims surpassed expectations by more than 8 percent, the government would pay 80 percent of the losses
But the law requires the program to be budget-neutral, meaning that if there aren’t adequate funds, insurers have to go without. The HHS announcement, insurers will get about $2.5 billion less than they asked for, and they weren’t pleased.
I’m so sad for the insurers…NOT! I spoke to a zerocrapcare subscriber and she told me that she was losing her plan. It turns out that the fantastic crap that zero advertised is going to get very ugly. She has to pick another plan as hers will no longer be offered. I’m shocked, aren’t you?
I honestly believe that if there were true fairness in this world, every single congresscritter and zero’s administration should have to partake of what they have given to the citizens.