Oscar Feeling Grouchy About Obamacare
After suffering “significant losses,” health insurance startup Oscar Insurance Corp. is the latest to announce they’ll be pulling out of Obamacare markets next year, signaling it will leave markets in the Dallas-Fort Worth, Texas, area as well as New Jersey. Bloomberg reports on Oscar’s announcement with the insurer’s CEO highlighting the oft-cited problems with the president’s health care law stating, “The individual market isn’t working as intended and there are weaknesses in the way it’s been set up.”
Oscar’s news comes on the heels of Aetna’s announcement last week that it was withdrawing from 11 Obamacare state exchanges for 2017 citing $430 million in losses dating back to January 2014. Aetna’s decision came under the same pressures that already forced Humana and UnitedHealth Group to make similar cutbacks earlier this year.
“The problems within Obamacare are widespread; the law doesn’t discriminate when it comes to who gets harmed. For insurers large and small, Obamacare’s knot of federal rules and controls are ballooning the cost of doing business,” said Health Subcommittee Chairman Joseph Pitts (R-PA). “The president’s health care law just doesn’t add up. And sadly, it’s patients who are paying the price for its failures.”
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