2017-11-09 / Letters

“Obamacare Not Profitable” Is Fake News!

To The Editor:

Are you wondering what is “fake news”? I will give you an example here. Have you noticed news reports about health insurance companies backing out of Obamacare markets because they are not profitable? Fake news! The Federal Insurance office (FIO) publishes an annual report (https://www.treasury.gov/initiatives/fio/reports-and-notices/Documents/2...). On Page 5 it states: “For 2015, the U.S. insurance industry reported another year in a run of solid financial performance, and, in the aggregate, remained in sound financial condition. Positive net income again raised the reported surplus level of the L/H (life and health) sector to a record level of $367 billion at the end of 2015.” On Page 19 it states: “In 2015, the decrease in total expenses for the L/H sector exceeded the decline in revenues.” Here it clearly states that the health insurance industry has a “run of solid financial performance,” which means they consistently have made money for a number of years. If you go to the 2013 report (https://www.treasury.gov/initiatives/fio/reports-and-notices/Documents/F...), you will see that they have made a lot of money since 2008. The whole time of Obamacare. Also, as the insurance industry has always done when revenues decline, they cut expenses (your healthcare).

Think back to the news source that told you about the market being nonprofitable. Do you think they were being honest with you? Was that news source just spouting what their corporate bosses told them to report? In 2017 the federal government will give the health insurance industry about $7 billion in corporate welfare. That does not include the cost of billions of insurance cost we deduct from income tax.

Why not get the money lenders (insurance companies) out of our healthcare? A simple and direct solution is to take the age limit off Medicare and let everyone participate regardless of age.

Marty Hann

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