Under Obamacare, if you like your current health plan, you can keep it — unless you’re one of about 840,000 insured by Principle Financial Group. Read:
The Principal Financial Group announced on Thursday that it planned to stop selling health insurance, another sign of upheaval emerging among insurers as the new federal health law starts to take effect.
The company, based in Iowa, provides coverage to about 840,000 people who receive their insurance through an employer.
Principal’s decision closely tracks moves by other insurers that have indicated in recent weeks that they plan to drop out of certain segments of the market, like the business of selling child-only policies. State regulators say some insurance companies are already threatening to leave particular markets because of the new law.
Remember, Candidate Obama said, “If I were designing a system from scratch, I would probably go ahead with a single-payer system.”
Well, he’s not starting from scratch — but he is quite deliberately destroying the insurance industry. Then he’ll have all the scratch he needs.