Buried deep within Obamacare’s 2,801 pages, are provisions for a massive taxpayer-funded bailout of insurance companies.
Specifically, Section 1341 creates a fund to cover more than $20 billion of losses insurance providers will suffer for covering people with specific high risk health problems, as required by Obamacare. This is a fee collected from insurers and employers with the price tag of $63 per person. Functionally this is a tax, and the additional costs of any business are passed onto employees or consumers.
And Section 1342, in a brazen display of Obama-era crony capitalism, creates a so-called “risk corridor” which requires taxpayers to cover up to 80 percent of losses incurred by insurance companies during the first three years of Obamacare. Apparently, a requirement that all Americans must buy their product is not sufficient.
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Read more at Cagle here.