Why are insurance companies on board with Obamacare, but did all they could to defeat Hillarycare back in 1993? The obvious (yet incorrect) answer is they see which way the political wind is blowing, and Hurricane Obama is formidable indeed. But Lewis W. Diuguid of the Kansas City Star writes of another reason, just as obvious, that few are mentioning-boomer retirement and its associated cost.
“Insurance companies are a pretty sly group. They have looked down the road and apparently don’t like the losses they’re seeing. The 79 million baby boomers, the great pig in the snake of society, are aging, and as they get older they will tap insurers for more payouts for health care coverage. The Los Angeles Times also reports that insurers will lose 162 million to 172 million people over the next 20 years to Medicare, you know, that government funded seniors’ health insurance program. So fewer baby boomers also will be paying into the insurance companies’ coffers.”
According to Diuguid, that’s a double whammy for insurers. It’s no wonder that the insurance industry, which helped bury President Bill Clinton’s health care plan 15 years ago, is now supporting President Barack Obama’s call for change.