Wait, that's...what Obamacare is supposed to do.
State insurance regulators say they have approved rates for 2014 that are at least 50 percent lower on average than those currently available in New York. Beginning in October, individuals in New York City who now pay $1,000 a month or more for coverage will be able to shop for health insurance for as little as $308 monthly. With federal subsidies, the cost will be even lower.
Yep, that Obamacare law sure is a complete disaster, huh.
Supporters of the new health care law, the Affordable Care Act, credited the drop in rates to the online purchasing exchanges the law created, which they say are spurring competition among insurers that are anticipating an influx of new customers. The law requires that an exchange be started in every state.
“Health insurance has suddenly become affordable in New York,” said Elisabeth Benjamin, vice president for health initiatives with the Community Service Society of New York. “It’s not bargain-basement prices, but we’re going from Bergdorf’s to Filene’s here.”
“The extraordinary decline in New York’s insurance rates for individual consumers demonstrates the profound promise of the Affordable Care Act,” she added.
Administration officials, long confronted by Republicans and other critics of President Obama’s signature law, were quick to add New York to the list of states that appear to be successfully carrying out the law and setting up exchanges.
“We’re seeing in New York what we’ve seen in other states like California and Oregon — that competition and transparency in the marketplaces are leading to affordable and new choices for families,” said Joanne Peters, a spokeswoman for the Department of Health and Human Services.
And let's remember that competition in the free market has long, long been a Republican screaming point. When President Obama actually put that into effect, they went bonkers.
The larger point here is that New York is a state that wants to make its state health insurance exchange work and doesn't have Republicans sabotaging it because Black President Is Tyrant or something. It's amazing how, when given the opportunity to work, the program works as intended.
Once again, if Obamacare is such a failure, explain to me how New York has significantly more insurers coming into the state, wanting to offer more products, at far, far better prices. The best part is rates for small businesses are going down too, AND people are going to get subsidies.
It's like the damn thing works when you want to make it work.
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Here's what the insurance carriers realized - 40+ MILLION currently uninsured can't possibly pay the current unsubsidized rates for coverage . But they CAN pay "something". And even if they drop the rates to a $100 per month, if you can get 10% of the market, THAT clocks in at FOUR BILLION DOLLARS of new revenue.
It's exactly analogous to the Bell system divestiture:
. "OK, so let me get this straight, if we break up the old system. we can charge ANYTHING WE WANT? OK Deal. and NO I don't need a moment to think about it..." The health insurance provider are doing EVERYTHING THEY CAN THINK OF, to make their processes more efficient. Because they want to keep as much of the new money as they can. It's a population that doesn't go to the doctor, out of habit. They recognize that there will be a premiums received /claims paid honeymoon for a short while, and they mean to milk that baby for all it's worth.
The right would be well advised to NOT get in the way of this,
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