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November 21, 2010

WSJ: 700,000 Medicare Beneficiaries to be Displaced

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Now that they've passed it so we can "find out what's in it," we're learning of yet another "unintended consequence" from the passage of Obamacare.

The WSJ reports (via TWS):

[...] Seniors enrolling in private Medicare policies starting this week are finding fewer options, as health insurers close down certain types of plans due to legislative changes and looming cuts to federal funding.

Cigna Corp., Harvard Pilgrim Health Care, several Blue Cross Blue Shield plans and others aren't renewing hundreds of Medicare Advantage plans, which are Medicare policies administered by private insurers. The moves will displace some 700,000 beneficiaries who must find new policies, according to Humana Inc., a large seller of Advantage plans.

As Jeffrey Anderson points out at the above TWS link, the CBO projects that Medicare Advantage funding would be cut by more than a quarter of a trillion dollars ($254 billion) in Obamacare's real first decade (2014 to 2023), which amounts to cuts of about $25,000 for each of the roughly 10 million Medicare Advantage beneficiaries. Those cuts wouldn't be made if Obamacare is repealed in January of 2013, but $8 billion will be cut by the end of 2012. These Medicare cuts -- both the $8 billion and the $254 billion -- wouldn't be used to make Medicare more solvent over the long haul, but would instead be spent on Obamacare.

More change we can "believe" but damned well don't need and never wanted in the first place. 2012 just can't come soon enough.

Posted by Robert Owens at November 21, 2010 10:11 AM



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