Have you ever heard of PreferredOne? I doubt it. PreferredOne is the insurance company that signed up the bulk of those who bought health insurance on the Minnesota Obamacare exchange. Something over 60% of all policies purchased on that exchange came from PreferredOne. The big news about PreferredOne, however, is not that it did well selling policies on the exchange. No, the big news is that this company announced this week that it is no longer going to be selling policies on the exchange. According to PreferredOne, continued selling was not a viable choice.
So what does this mean? First of all, all those people who bought policies from PreferredOne on the exchange can keep those policies, but they can no longer get federal subsidies which are available only for those policies purchased on the exchange. Most likely, that will mean that something like 80-90% of those with PerferredOne policies in Minnesota will have to switch carriers. You can also be sure that insurance premiums in Minnesota are about to go way up.
For years people have been calling Obamacare a train wreck. The truth is that it is a slow motion train wreck. These disasters just keep coming and coming and coming.
So what does this mean? First of all, all those people who bought policies from PreferredOne on the exchange can keep those policies, but they can no longer get federal subsidies which are available only for those policies purchased on the exchange. Most likely, that will mean that something like 80-90% of those with PerferredOne policies in Minnesota will have to switch carriers. You can also be sure that insurance premiums in Minnesota are about to go way up.
For years people have been calling Obamacare a train wreck. The truth is that it is a slow motion train wreck. These disasters just keep coming and coming and coming.
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