Courtesy of Mish.
It did not take long for Obama’s proposal as detailed in Obama Changes His Mind (But Only For a Year); You Can Keep Your Plan IF Insurers Reinstate Them to blow sky high.
Two hours, to be precise.
Washington State Rejects Obama’s Proposal
The Seattle Times reports State insurance commissioner rejects Obama’s proposal to extend canceled policies.
State Insurance Commissioner Mike Kreidler has rejected President Obama’s proposal to allow insurance companies to extend health insurance policies for people who have received notices that their policies will be cancelled at the end of the year.
Within two hours of President Obama’s news conference announcing the proposed administrative fix for Americans upset by their policy cancellations, Kreidler issued a statement rejecting the proposal.
“I understand that many people are upset by the notices they have recently received from their health plans and they may not need the new benefits [in the Affordable Care Act] today,” he said. “But I have serious concerns about how President Obama’s proposal would be implemented and more significantly, its potential impact on the overall stability of our health insurance market.”
“I do not believe his proposal is a good deal for the state of Washington,” Kreidler’s statement continued. “We will not be allowing insurance companies to extend their policies.”
Unwilling and Unable!
I found out about the above rejection from a Washington State Actuary who writes …
Hello Mish
My dad introduced me to your blog a few years ago and I enjoy all your posts. In all the crazy nonsense that gets said today, I know I can come to your blog and find some common-sense thinking. Thank you.
I am an actuary at a health insurance company and the economic impact Obamacare will have on healthcare/health insurance is far from “Affordable”. If anything, the Republicans should have asked for a name change on the bill.
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