Since ObamaCare took effect, we've seen more than two-thirds of the non-profit co-op plans created under the so-called Affordable Care Act go out of business. But we've yet to see an entire state's ObamaCare exchange collapse.
Until now, at least.
There's a dire warning coming from Tennessee Insurance Commissioner Julie Mix McPeak that the state's exchange is "very near collapse":
Even though McPeak has stated her main goal is getting as many insurers that are in the marketplace as possible, Walters noted that by 2017,”Tennessee will be going from zero counties with only one insurer on the exchange participating to 57 counties with one,” according to statements released to TheDCNF.
This lack of competition in the marketplace isn’t just relegated to those counties. Walters told TheDCNF that the state “will go from 57 counties with 2 insurers in 2016 to 24 counties with two insurers in 2017,” and will have “38 counties with three insurers on the ACA exchange in 2016 to 14 counties with three insurers in 2017.”
But wait, because it gets worse. BlueCross BlueShield is projecting an astonishing 62% rate increase for 2017 insurance plans in Tennessee.
So, for many people in Tennessee, that means their only ObamaCare exchange insurance option might be a plan that is 62% more expensive than what they paid this year.
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