Apparently the administration forgot about adverse selection when they rolled out their new "Pre-Existing Condition Insurance Plan" designed to provide health insurance to those who had been declined by private carriers. Since last summer, nearly 50,000 Americans have enrolled in the program.
Predictably--at least for anyone who has read Chapter 19--the plan is costing us a lot more than we were told, $28,994 in in 2012, more than double the $13,026 that government-contracted actuaries predicted in November 2010.
“Once you’re enrolled you can begin chemotherapy the first day of your coverage,” said Richard Popper, deputy director of insurance programs at CCIIO. “We had individuals who enrolled and in their very first week went into surgery.”
Can we get our money back from the contractors?
HT: Matt D.