12:10 AM 01/01/2014
Obamacare may have promised health insurance for the masses. But on its first day, it’s left more Americans without coverage than before the law was passed.
More than 4.7 million Americans had their health insurance canceled as a result of any of the thousand-plus-page law’s new rules, the Associated Press reports, but the Department of Health and Human Services (HHS) confirmed Tuesday that between federal and state exchanges, just 2 million Americans have signed up for Obamacare coverage. (RELATED: Obama administration announces net loss of at least 3 million insurance plans)
The Obama administration has yet to announce the final tally of full enrollments, which are only confirmed once customers have made their first payment, but Cato Institute health policy expert Michael Cannon warns that not all those who signed up will complete their purchases, potentially leaving the White House with an even lower bottom line.
Even without the full number of enrollments, Obamacare’s current net effect is clearly in favor of cancellations. Millions are already seeing Obamacare’s adverse effects — largely due to more mandates for more services.
The health-care law requires that all insurance plans cover 10 “essential benefits,” eliminating millions of plans that don’t fit the bill and boosting costs for consumers that have to purchase coverage for services they may not want or need.
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