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The U.S. individual health insurance market currently totals about 19 million people. Because the Obama administration's regulations on grandfathering existing plans were so stringent about 85% of those, 16 million, are not grandfathered and must comply with Obamacare at their next renewal. The rules are very complex. For example, if you had an individual plan in March of 2010 when the law was passed and you only increased the deductible from $1,000 to $1,500 in the years since, your plan has lost its grandfather status and it will no longer be available to you when it would have renewed in 2014.
These 16 million people are now receiving letters from their carriers saying they are losing their current coverage and must re-enroll in order to avoid a break in coverage and comply with the new health law's benefit mandates––the vast majority by January 1. Most of these will be seeing some pretty big rate increases.
reply to post by hebegbes
I don't blame you one bit.
My husband lost his insurance a year ago July. His employer saw the writing on the wall and dropped all health and life coverage for all employees from Management down.
I feel your pain.
they can no longer have their piece of crap plan that wouldn't insure anything other than the enormous salary of the CEO and profit margin of the insurance company.
I think I remember quite a few pundits who will be saying " I told you so".
I can't really blame the people who really hoped that this would be the knight in shining armor to save them from their lack of insurance nightmares, but....
Senior investors, who are typically financial institutions, own the AAA tranches that are insured against default by AIG, and they WANT to foreclose on the Middle Class so that insurance payments kick in.
“Simply put,” says Parker, “the government bailout of AIG has actually encouraged foreclosures because the taxpayers continue to fill AIG’s coffers with enough cash to pay out insurance on defaulted home loans.” link