In a really interesting “review and outlook” in the Wall Street Journal, there is a synopsis of what they call ObamaCare in Reverse. They explain how one state passed laws like the new Affordable Healthcare Act in 1993 and subsequently four of the five insurers left the state. This lead to higher premiums, consumers dropping insurance coverage, and then even higher premiums. Then in 2010 some steps were taken to deregulate the insurance market: all the insurance products were NOT the same, people could shop around for providers, and a reinsurance fund for high cost patients were created. Two years later, one insurance company’s premiums have dropped 69%. Which state is this? My state of Maine! I know the WSJ leans right but their point that the “most heavily regulated insurance markets are the most expensive” seems legitimate.
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