So the Affordable Care Act (a/k/a ObamaCare) was intended to lower insurance premiums while increasing the number of people insured. The magic buried in the thousands of pages of legalese (once we read it to know what’s in it) was additional regulations, including fines and additional fees and taxes.
This has been tried at the state level and I’m not referring to Massachusetts. In the 1990s, Maine enacted similar coverage laws resulting in four of the five insurers to stop offering health insurance in the Pine Tree State. Higher premiums and a reduction in coverage levels set in.
As described in this Wall Street Journal piece, in 2010, Gov. LaPage (R) was elected and a GOP legislature took control and began deregulating the healthcare market in the state. The latest data shows that people with the state’s premium insurance provider, Anthem, have experienced a 69% decrease in premiums. As the article states, the comparison to ObamaCare isn’t perfect, but even accounting for the differences, the state still experienced a decrease in insurance premiums.
So, I’ll ask again, how is this “affordable care act” supposed to work?
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