At least two insurance companies will cease selling new policies.
Why? Because of Obamacare; the American National Insurance Company and its subsidiaries have concluded that their plans for individuals will not meet the requirements of Obamacare. They will continue to provide large group coverage.
But wait! Obama told us "If you like your health care plan, you can keep your health care plan." But where's the part where he told us about insurance companies not writing new policies, making it harder for you to buy one and limiting your choices? Where's the part when he explained about insurance companies going out of business and laying off workers because they can't meet the requirements of Obamacare? What about the free market?
This is part of what fueled anger at those town halls that Democrats are now avoiding; the average American understood that the requirements, mandates, and massive bureaucracies that comprise Obamacare are simply unsustainable for many insurance companies. There is no way they'll be able to maintain when they must cover, for example, someone who never bought insurance until say ... age 45 when they were diagnosed with a crippling illness requiring expensive hospitalization and treatment.
The analogy has been made of someone buying a homeowners policy after their house caught fire.
Another company, nHealth, is leaving the insurance market altogether:
“The uncertainties in the regulatory climate coupled with new demands imposed by national health care reforms have made it challenging to sustain the level of sales required to remain viable over the long run,” [Executive V.P.] Slabaugh wrote.
The health reform law requires insurance companies to spend a certain amount of premium dollars on medical costs and, in many cases, bans lifetime limits on medical coverage. Kitchen said he was uncertain whether nHealth would be able to comply.
“The rules changed in the middle of the game,” Kitchen said. “We’re not willing to wander into that environment.”