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Obamacare Cancellations: Why Millions Are Losing Their Coverage

A big controversy came up this past week concerning certain rules under the Patient Protection and Affordable Care Act, also known as Obamacare. Millions of Americans found that they were losing their coverage, prompting outrage from those who'd expected to keep their policies. What's behind the move, and why did President Obama choose to give states the right to allow people to keep their coverage for another year?

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at why so many people got cancellation notices from their insurance companies. Dan notes that under the Affordable Care Act's rules, many existing policies with a combination of high deductibles and limited coverage for health-care expenses weren't comprehensive enough to qualify, forcing insurers to stop offering them. As Dan observes, policyholders were upset because the low costs for many of these policies were attractive, and insurance companies UnitedHealth Group (NYSE: UNH  ) , WellPoint (NYSE: WLP  ) , and Cigna (NYSE: CI  ) weren't necessarily happy to lose those customers. Even with President Obama's proposed fix, there's no guarantee that states will approve extensions or that insurance companies will extend coverage after having cancelled it.

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It seems like every week, some new complication comes up that makes Obamacare harder to understand. But it doesn't have to be. In only minutes, you can learn the critical facts you need to know in a special free report called "Everything You Need to Know About Obamacare." But don't hesitate, because it's not often that we release a free guide containing this much information and money-making advice. Please click here to access your free copy.


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Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On November 17, 2013, at 11:13 AM, skypilot2005 wrote:

    Dan,

    Are you sure millions are losing their coverage?

    Because,

    “President Obama said at least 24 times, “If you like your health plan, you can keep it.” & “If you like your Doctor you can keep them.”

    This was part of the reason millions of Americans voted for him.

    Is this part of "Change you can believe in?" or did he lie to get reelected?

    Sky

  • Report this Comment On November 17, 2013, at 11:15 AM, skypilot2005 wrote:

    Reference:

    “President Obama said at least 24 times, “If you like your health plan, you can keep it.” & “If you like your Doctor you can keep them.” Now we learn that the administration knew from a 2010 HHS report that as many as 93 million Americans could lose their health insurance because Affordable Care Act implementation makes them illegal.”

    “With the Obamacare website a technical disaster, people losing policies cannot even find out how much Obamacare replacements will cost them. In 44 states, replacement policies are predicted to cost substantially more, except those that taxpayers subsidize.”

    Sky

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Dan Caplinger
TMFGalagan

Dan Caplinger has been a contract writer for the Motley Fool since 2006. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool.com. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world.

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