Americans Notified Health Care Policies Canceled Under Obamacare
Millions of Americans, at least 3.5-M, have been notified that their current individual health insurance policies will be canceled due to Obamacare.
But there’s more trouble in store: small employers are now finding out their health care policies will be voided too.
Insurance experts predict that many more small businesses will receive similar Obamacare cancellation notices in the coming weeks and months, despite Mr. Obama’s promises that current health care policies would not be terminated due to Obamacare.
Some small businesses have found a way to prevent their health care policies from getting canceled and avoid large premium hikes, at least for now, according to Forbes magazine.
A loophole in Obamacare allows small groups to renew their policies before the end of Y 2013 and keep the policy through Y 2014 without worrying about Obamacare compliance.
That means many small employers who take advantage of that loophole likely will not get policy cancellation notices from their insurer until next fall.
Reports now suggest that many small-group policy premiums are likely to rise dramatically once they are subject to Obamacare rules.
Aetna (NYSE:AET) has warned business owners in its marketing materials to expect large premium hikes: “Factors such as essential health benefits, maximum plan deductibles, the application of new taxes and fees and new rating rules will combine to push insurance premiums up substantially for some small businesses,” it said.
Aetna CEO Mark Bertolini predicted last year that small employers seeking health coverage through the public health insurance exchanges could see premium increases of 20 to 50%.
It’s possible that Congress will relax the rules and introduce legislation that allows small businesses to keep their current health care insurance policy, Forbes reports.
Some Democrats are concerned that many business owners will receive their cancellation notices just before the November 2014 mid-term elections, hurting Democrats’ chances of victory. Democratic advisor James Carville said Monday, President Obama is in trouble on this.
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