Earlier this week, Congressman Bill Shuster (R-Pa.) introduced H.R. 4058, the “Obamacare Full Disclosure Act.” Since it was passed five years ago, Obamacare has led to cancelled plans both through onerous mandates and regulations and through the failed co-op program. This legislation helps highlights the true damage the law has caused to American families and businesses by informing customers with cancelled plans that it occurred because of Obamacare. ATR supports this important, much-needed legislation and urges all members of Congress to co-sponsor and support it.
When Obamacare came into effect, the law required insurance plans to cover an extensive range of services and medications, far above what was already offered by many plans. Not only did these new additions cause health insurance to increase, this regulation also resulted in many individuals losing their existing plans, despite the President’s assurances that if you like your plan you can keep it.
More recently, almost 750,000 individuals and families lost their plans due to Obamacare co-op closures. Of the 23 taxpayer funded community based insurance alternatives, 12 have already shut down, costing taxpayers over $1.3 billion in lost loans. With many of the remaining co-ops in financial trouble, it appears a matter of time before more customers lose health insurance thanks to Obamacare.
By informing individuals and families why their health insurance was cancelled, H.R. 4058 ensures greater public transparency and better informs the American public about true damage the law is causing.
Educating consumers about the damage caused by new Obamacare regulations is both important and commonsense. ATR supports the Obamacare Full Disclose Act and urges Congress to support and pass this legislation.