Seeking Alpha

Obamacare sign-ups pass 1M

  • Over 1.1M people had signed up for health insurance under Obamacare via the government's HealthCare.gov Web site by the Christmas Eve deadline after 975,000 bought coverage this month.
  • Combined with those who acquired plans in Washington DC and 14 states that operate their own exchanges, around 2M people have obtained insurance. The government had hoped that 3.3M people would have signed up by now.
  • The next major test will come on Wednesday onwards, when the coverage is due to start. There are widespread concerns that patients will turn up for appointments and treatments only to find that their insurance application didn't go through properly, or that their new plans don't cover them for the care they want or need. As a result patients have been rushing to carry out tests, procedures and elective visits before the end of the year.
  • More Obamacare.
  • Relevant company tickers: AET, HNT, HUM, UNH, WLP, MOH.
  • ETFS: XLV, XHE, VHT, FXH, IHF, IHI, IYH, PTH, RYH, PSCH, RXL, RXD, XHS.
Comments (13)
  • BuisnessUsual
    , contributor
    Comments (31) | Send Message
     
    That means millions more Democratic voters and millions fewer Republicans. All very good for the economy and the country. I remember reading the conservatives on this site repeating talking points about how no one would like Obamacare and would never sign up. Wrong again. The program just started and it's already bringing down prices and people are signing up for the lower premiums and deductibles. Not to mention the better coverage because health plans now have standards. God forbid!
    30 Dec 2013, 08:22 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (609) | Send Message
     
    BU, I’m not sure where you are getting your data but we obviously get our info from different sources. Please post a link ......... unless it is from MSNBC.

     

    Everything I see shows premiums and deductibles increasing 41% on average http://onforb.es/1ecqyXN

     

    with Doctors and hospitals declining to accept persons covered by this hideous piece of legislation. http://bit.ly/1kVozsn

     

    With Obama guiding our economy towards 3rd world status I guess it’s only logical to take health care down as well.
    30 Dec 2013, 08:54 AM Reply Like
  • Hubert Biagi
    , contributor
    Comments (709) | Send Message
     
    Discontinue 4 millions policies, reinstate about half of those, then sell 2 million new Obamacare policies. Sounds like breakeven to me. Except that many of those Obamacare policies are Medicaid plans, or 100% subsidized. Many other plans are heavily subsidized. This is the greatest expansion of welfare in modern times. It would have been simplier and more honest to just sent $10K checks to every one of those 30 million "uninsured". That's $10,000 each year for the next 10 years, times 30,000,000. Because that's at least what Obamacare is going cost our children, and our children's childen.

     

    BTW, there is only one way to significantly boost the numbers for Obamacare, and that is to require public sector workers, who overwhelmingly support Obama anyway, to buy insurance on the Obamacare exchange. If Obamacare is so good, and needs everyone to participate, why isn't this happening?
    30 Dec 2013, 09:36 AM Reply Like
  • BlueOkie
    , contributor
    Comments (6743) | Send Message
     
    Let's talk middle class America. Those families making around $50,000 a year. Check out their healthcare and premiums. They are going up. Yes some who had pre-existing are doing better but we didnt' need ACA for that. The poor are getting money for medical treatment they didn't have before. (That won't change lifestyles). The super rich are loving this. The good doctors who won't accept these onerous paper requirements and pay cuts will be readily available. Forcing people to buy insurance that don't want or need isn't going to work.
    30 Dec 2013, 09:17 AM Reply Like
  • BuisnessUsual
    , contributor
    Comments (31) | Send Message
     
    Mine went down thanks to Obamacare. Try again.
    30 Dec 2013, 09:35 AM Reply Like
  • Hubert Biagi
    , contributor
    Comments (709) | Send Message
     
    Did you take a subsidy? What is your deductible? Perhaps you're in Massachusetts lol?
    30 Dec 2013, 09:51 AM Reply Like
  • Bosshogg55
    , contributor
    Comments (104) | Send Message
     
    My health insurance situation improved, but at the expense of everyone else. I had a crap plan with Aetna, who has consistently declined all my wellness claims. (Which is the reason I own their stock -- Aetna is investor friendly, not policy holder friendly!! And, my Aetna stock has surged in value recently.) Yes, my premiums went up on the Blue Cross plan that replaces my cancelled Aetna plan on Monday. However, the Blue Cross plan is far superior in every way than the Aetna plan (No deductible/No Co-pay vs. $2500 deductible/2500 co-pay). And, Aetna excludes from coverage ALL tests for medical diagnosis. Blue Cross doesn't.

     

    Here's why you all will be paying more to subsidize me: I unluckily have preexisting conditions, which made me ineligible for all but the most expensive plans with the least amount of coverage. My new Blue Cross plan, that takes effect Wednesday, is a platinum plan -- the second best one I could have bought through The Florida Bar's private insurance exchange. If it were even available to me pre-Obamacare, the premium would have been somewhere around $1,800/month. I will only be paying $872/month. So, thank you America for the subsidy!

     

    But the nagging questions are: Will there be enough doctors to service everyone? Will the higher taxes everyone will be paying help pay for this? Will the new federal "sales tax" on individual policies also help? Will the more healthy people sign up for this at over double the premiums they used to pay to keep subsidizing people like me? These are just some of the questions that need answering.
    30 Dec 2013, 09:49 AM Reply Like
  • Hubert Biagi
    , contributor
    Comments (709) | Send Message
     
    Congrates! Welcome to the largest expansion of the welfare state in modern times. And if you can afford to pay $872/month just for health insurance, I guess you deserve welfare.
    30 Dec 2013, 11:46 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (609) | Send Message
     
    That's just for the 'insurance'. When you add in the deductible, you are essentially insuring yourself. What a great idea the insurance companies had when they wrote this legislation! They also made sure that Congress (okay, taxpayers) would bail them out of things went south.

     

    I'd lay every penny I have on shorting the big health insurers if it weren't for that last part.
    30 Dec 2013, 11:57 AM Reply Like
  • Bosshogg55
    , contributor
    Comments (104) | Send Message
     
    @ Rope a Dope: Exactly right! Since I now have no deductible any more, I now will benefit handsomely. It's ironic that the new "Welfare State" is going to benefit me! So, I am paying 11% more now in premiums for a policy that has hugely better benefits for me. The maximum out of pocket that I can go annually on my new plan is somewhere around $2,000 to $3,000.

     

    As for the insurance companies: They bought and paid for the politicians over the decades so they naturally should benefit from those efforts going forward. There is a "re-insurance" provision buried in the ACA law (read; Obamacare) that in effect allows the health insurers to recoup their underwriting losses from the government (read: the taxpayers) if this thing doesn't go as planned. So, no matter how this thing pans out, they will be winners. That is one of the major reason why I own Aetna in my portfolio.
    30 Dec 2013, 01:41 PM Reply Like
  • Rope a Dope
    , contributor
    Comments (609) | Send Message
     
    Boss, I doubt you could find anyone in the US who is against insuring people with pre-existing conditions. That is something that affects Republican and Democratic families alike, including mine. It’s not the concepts of some of the provisions within Obamacare, it’s how they went about ‘achieving’ them. This thing was destined to fail but no one in the administration wants to admit that.
    30 Dec 2013, 02:33 PM Reply Like
  • BlueOkie
    , contributor
    Comments (6743) | Send Message
     
    This is NOT healthcare insurance it is SICK care insurance. People won't change and continue to abuse their bodies. Now Uncle Sugar help them stay sick.
    1 Jan 2014, 12:51 PM Reply Like
  • Bosshogg55
    , contributor
    Comments (104) | Send Message
     
    @ Rope a Dope: You are right again! Obamacare was rammed down everyone's throats on a purely Democratic Party partisan vote and the Republicans were basically told to screw off. That is very problematical from a political standpoint. Additionally, it is unsound from an insurance actuarial basis and cannot succeed on its current premises. The only way it can succeed is from a heavy government subsidy position. Who will pay the subsidies for those @ up to 400% above the poverty line? Who will pay for the underwriting losses because medical claims expenses will far exceed premium revenue received? You guessed it: All of us. BUT, you will NEVER get the administration to accept that premise. Yes, I benefit handsomely from outstanding coverage at decent premiums and nice appreciation in my insurance stocks -- but only for the time being. When taxes skyrocket and we eventually transition into a Canada-style socialized medicine scheme (which really was their goal in the first place), things will change. God help us!
    30 Dec 2013, 05:24 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs