Obamacare insurers’ money grab

Guess who’s on the hook in one of the largest lawsuits ever? You. Over a hundred health insurance companies are suing you and the rest of America’s taxpayers. Insurers want you to bail them out for money they lost trying to sell Obamacare plans. The losses amount to a whopping $15 billion. A ruling from the Court of Appeals for the Federal Circuit is expected any day.

It’s a brazen money grab. In 2010 powerful insurance industry officials worked hand in glove with Democrats to enact the Affordable Care Act, a scheme compelling everyone to buy their product. It doesn’t get any sweeter, a law making your product mandatory.

But insurers are seeking even more. They claim their cozy deal also insulated them from losing money during the first three years they tried to sell Obamacare plans. Maybe that’s what Obama administration officials whispered to health insurers. But the actual wording of the ACA didn’t commit even a single dollar of taxpayers’ money to offset losses. And twice since then Congress has passed additional laws clarifying that taxpayers will not be compensating insurers who lose money on Obamacare.

Undeterred, the insurers are now trying to convince federal judges to award them what Congress clearly denied. Insurers argue promises made by Obama administration health officials amounted to an “implied contract.” Insurers were led down the garden path. Then again, so was the public.