A devastating new McKinsey & Co. report finds that Obamacare’s purported purpose – providing coverage for the previously uninsured – has failed.
The report concludes that 74% of Obamacare enrollees at the end of the first open enrollment period already had insurance; just 26% reported being previously uninsured. Of those who were previously uninsured, the figure drops to only 22% when considered alongside whether the individual has activated his plan by paying his first month’s premium.
According to the Associated Press, at least 4.7 million Americans had their health insurance plans canceled due to Obamacare. Many of those individuals simply went through the Obamacare exchanges to buy policies to replace the ones President Barack Obama’s healthcare program outlawed.
Nearly half a billion dollars in federal money has been spent developing four state Obamacare exchanges that are now in shambles — and the final price tag for salvaging them may go sharply higher.
Each of the states — Massachusetts, Oregon, Nevada and Maryland — embraced Obamacare, and each underperformed. All have come under scathing criticism and now face months of uncertainty as they rush to rebuild their systems or transition to the federal exchange.