Putting Lipstick on the Pig

Almost 7 years after passing the largest tax increase in history, the Complainer-in-Chief is still begging for shills to promote his signature legislation.

Obama is asking volunteers to promote Obamacare to everyone they know. He admits it will be hard, given all the negative publicity about the takeover of the health care and health insurance system, but he wants your support anyway.

Ignore the fact that many Americans LOST coverage, can no longer see the doctor of their choice and many cannot afford the premiums.

Don't pay attention to carriers that are leaving the health insurance market in droves.

That's not important.

What IS important is protecting HIS legacy.

The folks at Yahoo are preventing the curation of their post about this, but you can read it all here.


#Obamacare

Gleaner Life Scholarships

Once again, the fine folks at Gleaner Life demonstrate how to give back in meaningful ways. Via email:

"Since 1980, The Gleaner Life Insurance Society Scholarship Foundation has awarded more than $2.6 million in scholarships on a competitive basis to Gleaner members and their families. In 2016, the foundation awarded $225,000 in scholarships."

Mutual insurance companies reward long-time clients with (non-guaranteed) dividends, which can help reduce the net cost of a policy, or add to the cash value, or even increase the death benefit. But dividends are based on how the company performs financially (investments, real estate rentals, whatever). Gleaner goes above and beyond that by putting net corporate dollars where its metaphorical mouth is:

"Eligible Gleaner members who are students can apply for a one-time $3,000 competitive scholarship. Gleaner family members are eligible to apply for one-time $1,500 awards. Both scholarships are awarded on a competitive basis."

I like that last: it rewards performance.

Interested Gleaner policyholders can click here for details.

Not a Gleaner policyholder? You know what to do.

DOL vs Small Group

Via email from our friends at Cornerstone:

"The Department of Labor, Health & Human Services and Treasury recently issued proposed regulations that would eliminate the "small plan" exemption currently in place for small employers sponsoring a group health plan with fewer than 100 participants.

If adopted, small employers would be required to furnish the same Form 5500 information to the Department of Labor as large employers." [emphasis in original]

Now why would this be a big deal?

Well, the estimated cost "will add 2.2 million work hours and $241.6 million in reporting costs for small employers (both self-insured and fully-insured)."

Think this won't affect you?

Well remember, all of these additional costs will be passed on to consumers. Not to mention, employers, particularly small employers, have limited funds, so this could very well cost someone(s) their job, or potential job.

What can you do about it?

Well, the DOL is taking comments about it through December 5th, and the folks at Cornerstone have helpfully provided us with an example:

"I am requesting that the Department of Labor reconsider the proposed Annual Reporting and Disclosure rules relating to Form 5500 and Schedule J.

The proposed rules that would eliminate the small group exemption on Form 5500 filings plus the additional data collection requirements on Schedule J will add 2.2 million work hours and would cost small employers $241.6 million.

Small employers are already challenged to stay current and compliant with excessive federal, state and local rules and regulations. The proposed changes place yet another unnecessary burden on small employers.

I urge the Department of Labor to reconsider this proposal."

Blame the Agents

After almost 7 years of having the admini-screwup blame everyone for what is "wrong" we now have another fall guy.

The economy was (and presumably still is) rotten because of Bush. Global warming caused ISIS. The Republicans at the state level are why Obamacare did not cover more people.

And in the face of rising health insurance premiums there is one more patsy.

The agents and insurance carriers are responsible for higher health insurance premiums.

HHS said earlier this month that about 2.5 million people eligible for tax credits to lower the cost of their premiums are missing out, because they are buying their insurance through insurers or brokers instead of the state and federal exchanges. - USA Today

Yes, the agents are to blame for higher premiums.

Now that most agents have left the health insurance business who will they blame next?

I guess that problem is left to the next president.

Whoever he may be.

And then there is this gem.

Even those who weren't eligible for tax credits in the past should apply again, because they may qualify now that many rates are much higher,

Agents (and possibly global warming) led to higher premiums but now you can thank the agents for making premiums lower.

You are welcome.

#ObamacareSucks

With Six You Get Genworth

Not sure what to make of this, but:

"China Oceanwide agrees to pay $2.7 billion for Genworth"

Oceanwide already owns a securities brokerage and a P&C insurer, so one supposed this makes sense in terms of "fit."

The deal still needs Delaware regulators' seal-of-approval.

I reached out to Randy G, one of my favorite LCi gurus to see what he thought of this development, and he replied that it was "kind of a surprise for sure. It’s almost like AT&T buying Time Warner for $86Billion….another surprise this morning! Don’t know much about this merger other than it provides Genworth with about $1.0 Billion dollars immediately."

Which may be badly needed; back in February, we reported that the company seemed to be in some serious financial straits.

So, wait-and-see, for now.

Another 1,000 Words on #ObamaCare

 [click graph to embiggen ]

(Full story here)

And to add insult to injury, FoIB Jeff M alerts us that:

"Obamacare Rates to Skyrocket 50-75 Percent in Arizona"

Funny way of spelling "3000% rate decrease," no?

North Star State vs ObamaCare

A few weeks ago, we reported on Minnesota Governor Mark Dayton's explicit acknowledgement that the ObamaTax wasn't working as advertised:

"Democratic Gov. Mark Dayton on Wednesday said that the increase in health insurance costs in Minnesota highlights “some serious blemishes right now and serious deficiencies” in the federal health care law known as Obamacare."

Now, we learn that there's more here than meets the eye:

"What’s not widely known is that taxpayers are also being gouged for millions of dollars a year on their property tax bills because of ongoing problems with MNsure, the state’s health insurance."

Turns out - #Surprise - that because the state's Exchange has never actually worked as planned, they've been shoveling in major bucks to keep it going:

"The Minnesota Association of Counties estimates taxpayers spend an additional $27 million annually to work around the flawed online METS technology."

And that's just this year. how's that saying go again?

Oh, yeah:

"That which can't go on, won't."

[Hat Tip: Powerline]