The deadline for signing up for Obamacare is December 15, if you need the insurance to kick in at the beginning of the year. That’s less than a month away. The website still doesn’t work, and the techs that are trying to fix it say they won’t get it done by the November 30 deadline. Even if they do, that gives Americans without insurance just two weeks to sign up. (There is a February 15 deadline for signing up without penalty, and an end-of-March deadline as the last chance to buy insurance on the exchanges.) At last count, only 2% of those who need to have signed up so far.
If they can’t sign up, people whose independent policies have been cancelled will be left without insurance at the beginning of the year. But President Obama’s decree that they should be able to keep their policies for a year is creating even more problems.
Insurance companies have already set their rates for next year, based on the assumption that those policies would be discontinued. If those old policies are put back in place, that will throw off the quotes they have already been making. This not only throws off insurance companies, it throws off the financial model Obamacare has been depending on. Details after the jump.