Turns out no one knows how Obamacare will work - not even the big-name insurers.
And now, we're starting to see the effects of uncertainty.
Today (Thursday), the Los Angeles Times reported that United Health, Aetna, and Cigna have opted out of the California insurance exchange.
UnitedHealth has adopted a wait-and-see policy: "We are simply taking the time to carefully evaluate and better understand how the exchanges will work to ensure we are best prepared to participate meaningfully in their development," explains a spokesman to the LA Times.
Cigna resolved to participate in exchanges in only half of the 10 states where it sells individual health policies, and California didn't make the cut.
Aetna referred LA Times' questions to Covered California, the state agency in charge of implementing Obamacare.
That means millions of Californians who will have to choose health insurance from exchanges or face a penalty will not be able to pick plans from those three big insurers - signaling limited options ahead thanks to Obamacare.
UnitedHealth, Aetna, and Cigna's response to the California exchange is just the beginning.
These three companies are but the first dominoes to fall to Obamacare's less-than-clear implementation.Read More...
How the Sequester is Killing Healthcare Jobs
Sequester-driven budget cuts to Medicare are threatening to spur massive job cuts in the healthcare industry.
And the pain doesn't stop there - the sequester cuts are already making healthcare harder to obtain for some Medicare patients.
Unfortunately, this is just the beginning. The longer Congress allows sequestration to continue, the deeper the cuts will go and the more widespread their impact.
When President Barack Obama and Congress failed to reach agreement on $1.2 trillion in cuts to federal spending before March 30 -- as mandated by the Budget Control Act of 2011 -- the sequester kicked in.
Medicare providers faced mandatory 2% across-the-board reductions in their reimbursements.
After the cuts went into effect on April 1, hospitals, doctors, insurers, prescription drug plans, and other healthcare providers immediately felt the impact.
In short, the sequester is delivering precisely the kind of broad, damaging and indiscriminate cuts that politicians warned would happen.
And as each day passes, the drastic consequences grow worse.Read More...
Sequestration Cuts Hit Cancer Patients While Billions Wasted
As of April 1, cancer clinics began turning away thousands of Medicare patients because of sequestration spending cuts while the University of Iowa is using almost $900,000 of taxpayer money to study whether there is any benefit to sex among New Zealand mud snails.
It's taken about a month, but the mandated federal spending cuts of sequestration have finally started to have a real impact.
Not as dire an impact as President Barack Obama warned about in the weeks preceding the sequester, but the consequences are growing more serious every day.
But what's most galling about all this is that despite the real harm the sequestration cuts are causing, wasteful government spending has continued unabated.Read More...
The 9 Biggest Sequestration Lies
Though we've come to expect no better from our leaders in Washington, the sequestration lies rank among the most blatant whoppers ever to come out of the nation's capital.
Sequestration, of course, is the $85 billion in across-the-board spending cuts scheduled to go into effect at midnight Friday.
Instead of working together to come up with an alternative to replace the sequester, Republicans and Democrats have spent the past several weeks playing a maddening game of political chicken.
Both parties were counting on the fear of sequestration to force the other to cave before it happened.
Toward that end, leaders of both sides have tried to sway public opinion with exaggerations, obfuscations and outright lies.
Yes, business as usual in Washington, but an affront to U.S. citizens nonetheless.
Here are some of the biggest sequestration lies.Read More...
What Does the Sequestration Mean for Investors?
After months of bitter debate and warnings of impending economic doom, sequestration is expected to arrive Friday. What's it mean for investors?
Martin Hutchinson explains how to protect your portfolio... Read More...
- The Sequester: What the President Should Do – But Won't We have just hours before $85B in across-the-board spending cuts - known as "the sequester" - is set to kick in. Already Team Obama has raised a media ruckus of dire consequences if Congress doesn't avoid it. Here's the real deal - what Obama should do about the sequester (but won't). Read More...
The Sequestration Follies: How Washington Outsmarted Itself
It seems every politician in Washington is up in arms over sequestration, the devastating automatic budget cuts on track to take effect March 1.
For weeks, lawmakers on both sides have been calling sequestration a "bad idea" and criticizing any proposals put forth by the opposing party.
Politicians aren't happy that sequestration not only would cut billions of dollars in federal spending, it would also slash the budget indiscriminately with across-the-board cuts.
Just today (Tuesday), President Barack Obama urged Congress to delay sequestration for the rest of the year or risk damaging the U.S. economy.
"It won't help the economy. It won't create jobs. It will visit hardship on a whole lot of people," President Obama said. "If Congress allows this meat-cleaver approach to take place, it will jeopardize our military readiness; it will eviscerate job-creating investments in education and energy and medical research."
Listening to all the rhetoric, Americans with short memories might believe that those in Washington only have the best interests of the country at heart.
But the rest of us remember how this whole sequestration fiasco really happened. It was their idea - Republicans and Democrats, the White House and Congress. All guilty.
"The idea was that no sane person would allow such cuts to happen," Bob Schieffer, host of CBS News' "Face the Nation," said on that show Sunday. "Well, guess what. Even Washington managed to underestimate its own ineptitude."Read More...