Surprise, surprise... Insurance companies are trying to cheat customers out of more money. Since the start of Obamacare, we've heard various reports of companies canceling insurance policies, and charging customers hundreds of dollars more each month to continue coverage. Well, it turns out that many of those cancellation letters were misleading, and failed to mention that customers could find better policies at lower prices on a healthcare exchange.
A special report by Talking Points Memo found specific examples of insurance companies contacting people before the October 1st start date, and trying to lock them in to higher priced plans than they could find on an exchange. The companies warned customers that their plans were being canceled and offered them new, higher-priced plans, but made no mention of healthcare exchanges, or subsidies that people could qualify for under Obamacare. One of the women interviewed by TPM would have had to pay more than $1,000 a month for the new plan offered by her insurance company, and it offered bare minimum coverage with a $6,300 deductible. After logging on to her state's insurance exchange, the Seattle resident found a plan for $80 dollars a month with a $250 dollar deductible.
When TPM asked her insurance company why they were using such deceptive methods, a spokesman just said that customers know they have other options. Although it's not clear how many of the cancellation letters being received throughout our country are a result of the same dishonest tactics, it's likely that many other companies are pulling the same scam. These cancellations aren't because of Obamacare, they are simply insurance companies trying to rip off more people while they still have a chance.
This is the exact reason why we needed the healthcare law to begin with. Insurance companies will always put corporate greed over people's health and wallets. And, that's the reason why we should continue to push for single payer, Medicare for all, and get the profit out of our healthcare.
The Thom Hartmann Program weekdays 3 PM to 6 PM on WWRL 1600.