The current Administration has announced that over 7.1 million individuals have “signed up” for ObamaCare under those famous (or, if you prefer, infamous) “healthcare exchanges” it claimed would provide insurance to the uninsured.
Sounds like they were a rousing success, right? Well, not really. That number appears to be yet another example of the Administration’s “selective interpretation of reality”. (Yeah I know – you’re shocked, shocked that this Administration would ever do that.)
First off: published accounts indicated that most persons signing up for ObamaCare already had health insurance. Best estimates put this fraction at between 2/3 and 3/4 of ObamaCare signups.
Second: it looks like about 3/4 of signups will have higher premiums under ObamaCare than they did before. So much for “affordable”.
Third: there’s a big difference between “signed up” and “insured”. Until the person signing up pays their first premium, they do not have insurance. Period.
Best available data indicates that that only 80-85% of signups have actually made that first ObamaCare premium payment. That’s what Blue Cross/Blue Shield is reporting. And it tracks with anecdotal reports from other insurers.
Apply that fraction, and it means that instead of 7.1 million insured, you actually have between 5.7 and 6.0 million insured. And since 3/4 of those were previously insured, well, that translates into roughly 1.4 and 1.5 million people newly insured.
Yeah, really what I’d call a “success”. To paraphrase Pyrrhus: “Another such ‘success’ and we shall be ruined.”
We need to cut our losses and walk away from this abysmal failure. It’s nothing but a bottomless money pit that can’t deliver.