The Affordable Care Act is again proving itself to be the Unaffordable Care Act now that Illinois has moved to close its health insurance coop, Land of Lincoln Health, after it lost $90 million last year.
There were 24 state health insurance coops set up with $2.4 billion of your federal taxes to provide consumers with a “cheaper” alternative to the big insurance companies. Illinois just became the 16th to fail, and most of the remaining eight are struggling. Land of Lincoln Health’s demise will leave 49,000 Illinois customers searching for a new health insurance provider, and you can bet it won’t be cheaper for anyone.
While you likely feel bad for those consumers and the $1,837 that taxpayers lost just last year on each of them, the real crisis is to come. Bernie and Hillary and Barack — and it’s worth noting all three spent their formative political years as Chicago Democrats — are again leading the march to the “public option.”
The public option is where Medicare expands to do what the coops are failing to do. Government provides a plan for those too sick or poor to buy insurance, but like a black hole the gravity of the “free” government plan sucks in all the customers until private companies can’t compete and the government winds up running all the health insurance. In black holes that total collapse is the “singularity” but in health insurance it is the “single payer.”
Government doesn’t worry about free market concerns such as premiums generating less than the health care costs because government just taxes and prints more money to remain solvent as it destroys the health insurance industry and exerts more price controls over the drug and other health care industries.
Coops are failing because you can’t get more out of a system than you put in. The costs will remain the costs, but if the liberals drive us to the single payer those costs will be hidden within higher taxes or fewer dividends or fewer jobs — all of which builds to a crescendo as the Baby Boomers continue to age and continue to need more and more expensive health care.
We started Obamacare in 2010 with about 15 percent of the population lacking health insurance. Despite this massive government intrusion, there’s still about 11.7 percent of the nation without coverage.
The president wants more of your blood to keep it from flatlining.