Get ready for major hikes in health-insurance premiums — despite all the promises from "The One."
From Obamacare shorts health insurers $2.5 billion:
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.This shortage in funding ObamaCare was totally predictable, of course.
Insurers learned late Thursday [October 1, 2015] 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.
People with chronic health conditions typically cost more in healthcare dollars.
The cycle of life.
All the utopianism in the world can't change the natural order of the universe.