Last week, Obamacare enrollees were told to expect large spikes in their health insurance premiums. But, those paying any attention to the (Un)Affordable Care Acts, the announcement should have come as no surprise. The Daily Caller,
Meanwhile, as Americans are suffering from rising costs and less access to quality health care, the biggest winners from the passage of Obamacare are the insurance giants. In the aftermath of the government health care takeover, there has been an explosion of health insurance company profits, windfalls and megamergers. As “stock market darlings,” health insurance company profits have skyrocketed to all-time highs and stocks have split even thanks to the health care law.
Reports show the so-called “Big Five” health insurers – UnitedHealth, Aetna, Cigna, Humana, and Anthem – have all outperformed the broader stock market by a wide margin since Obamacare was signed into law in March 2010. That’s why America’s Health Insurance Plans, the industry’s main trade group, filed an amicus brief to defend the Obama administration in the recent Supreme Court case, King v. Burwell. And when the law was upheld, it was no surprise that there was a boost in health insurance company stocks.
The reality is that health insurance companies are growing wealthier and less accountable for their actions under Obamacare, and hard-working American families are paying the price. Americans don’t need more cronyism when it comes to their health care. Americans need competition to improve quality and lower cost. It’s time for new leadership in the White House to rein in insurance companies’ runaway power and address the challenges we face under this deeply flawed law so we can finally give the American people the transparency and accountability they were promised.