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Tuesday, June 08, 2010

Pelosi's Words, 'We Have to Pass the Bill So That You Can Find Out What Is In It', Coming Back To Haunt Democrats

5 second video below, of the words that are now coming back to haunt the Democratic party and Barack Obama about Obamacare.

Well, the bill has been passed and signed into law, against the majority of American's wishes and now is the time we get to "see what is in it" and it ain't pretty.

The Politico reports:

Under the provision, insurance companies will no longer be able to apply broad annual caps on the amount of money they pay out on health policies. Employer groups say the ban could essentially wipe out a niche insurance market that many part-time workers and retail and restaurant employees have come to rely on.

This market’s limited-benefit plans, also called mini-med plans, are priced low because they can, among other things, restrict the number of covered doctor visits or impose a maximum on insurance payouts in a year. The plans are commonly offered by retail or restaurant companies to low-wage workers who cannot afford more expensive, comprehensive coverage.

Depending on how strictly the administration implements the provision, the ban could in effect outlaw the plans or make them so restrictive that insurance companies would raise rates to the point they become unaffordable.

A cadre of employers and trade associations, including 7-Eleven, Lowe’s, the National Restaurant Association, the National Retail Federation and the U.S. Chamber of Commerce, have asked the administration to allow the plans — at least through 2014, when the insurance exchanges are set up and tax credits become available for low-wage workers.

The struggle over the provision highlights the importance of the new law’s implementation timetable and the way its parts interlock with one another. The legislation was front-loaded with consumer-friendly reforms, such as the ban on most annual limits, in hopes the law would become more popular. Polls show the legislation is supported by about half the public.

But many of the more comprehensive features of the overhaul, such as the insurance exchanges and tax credits that would help cover those who use limited-benefit plans, don’t come into play until 2014.

And so it goes in Shreveport highlights two companies that are already closing up shop and stopping the sale of new insurance policies as a direct result of Obamacare.

American National:

American National Insurance Company has announced that its subsidiaries, American National Life Insurance Company of Texas and Standard Life and Accident Insurance Company will discontinue the sale of individual medical expense insurance plans effective June 30, 2010.

Their stated reason? Obamacare aka Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.

According to the company, the decision to cease new sales was made after careful consideration of the recent healthcare legislation and based on the knowledge that the companies' individual medical expense plans will not meet the requirements of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 recently enacted by the US Federal Government.

Second case, NHealth:

I wanted to share with you the decision by nHealth’s board of directors to exit the health insurance market.

As I’m sure you are aware, the new federal healthcare legislation has created considerable uncertainties in the market for health insurance. Despite a product that was gaining increasing acceptance among companies throughout the Commonwealth, the uncertainties in the regulatory climate coupled with new demands imposed by national healthcare reforms have made it challenging to sustain the level of sales required to remain viable over the long run.

For once, I can honestly say, Nancy Pelosi spoke the truth... they did have to pass Obamacare in order for the American people to find out what is in it.

Hot Air reminds readers of the irony of the timing:

It’s also worth noting the irony of the timing. The mandates kick in in September, which is probably when the insurers will terminate the coverage. That means up to a million people will get the first-hand impact of ObamaCare just nine weeks before going to the polls in the midterm elections. That certainly qualifies as an unintended consequence.