by Kate Randall, WSWS
US health insurance companies are preparing to seek substantial increases in Obamacare premiums, the Hill reported Monday. Citing big losses on the Affordable Care Act marketplaces, many insurers will ask state insurance commissioners to approve double-digit hikes in ACA premiums and some may pull out of the market if they are not approved.
The planned premium hikes are a further exposure of the pro-corporate character of Barack Obama’s signature domestic legislation. Both candidates vying for the Democratic presidential nomination, Hillary Clinton and Bernie Sanders, have embraced the ACA as a supposedly progressive health care reform.
In reality, the ACA is designed to funnel increased profits to the private insurance companies. Under the law’s “individual mandate,” those without insurance through a government program or employer must obtain coverage offered by private insurers or pay a penalty. The insurers are demanding a hefty profit as the condition for their participation in the ACA marketplaces.
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