ICYMI: Cheapest Obamacare Plans, Not So Cheap -- Leads Aetna To Walk Away from Obamacare

I wanted to make sure everyone saw this Investor’s Business Daily piece from Friday outlining how even the cheapest plans under Obamacare are much more expensive than current available plans. The chart below says it all.

For example, in Maryland the cheapest plan under Obamcare would cost 83% more than the cheapest plan currently being sold in the state. To break things down further “A young worker making $20,000 in Maryland, for example, would pay about $1,000 for the cheapest ObamaCare plan, after the subsidy. That's still $278 more than the least expensive plan offered in the state today.”

In light of President Obama and his team trumpeting that Maryland would have some of the lowest rates in the country under the law, Aetna decided late last week that they would have to withdraw from the Maryland exchange because the approve premiums would not cover the cost of doing business. In a letter to the Maryland Insurance Administration, Aetna stated, "Unfortunately, we believe the modifications to the rates filed by Aetna and Coventry would not allow us to collect enough premiums to cover the cost of the plans, including the medical network and service expectations of our customers." Thanks to Obamacare 13,000 people who currently have insurance through Aetna are in jeopardy. Remember when President Obama said “No matter what you’ve heard, if you like your doctor or your healthcare plan, you can keep it”? Well, unless you live in Maryland and your insurance is Aetna.

Here’s a statement on Aetna’s withdrawal from the Maryland exchange from Congressman Harris, M.D.:

“Aetna’s decision to withdraw from Maryland’s exchange is another example that Obamacare is bad medicine for Maryland. It’s telling that an average 25% increase in premiums is not enough to make the Obamacare train wreck work. Despite promises by President Obama and others that this law would lead to lower premiums and greater access to care, the exact opposite is turning out to be true – Marylanders will be paying more and having fewer choices. It is time for the President to accept Obamacare’s failures and join House Republicans to implement health reforms that are patient-centered, lower costs, and improve access for all Americans.”