October 3, 2010

ObamaCare Forces Insurer Off Market

Cato @ Liberty reports that financial services provider Principal Financial Group is exiting the health insurance business as the impact of the Democrats' health insurance overhaul becomes clearer.

By forcing the exit of Principal Financial Group---which ran a profitable, $1.6 billion health insurance business---ObamaCare has now left 840,000 Americans to find another source of coverage.

And Principal is not the only one. Many small health insurers are struggling to meet the new requirement to spend at least 80 percent of their revenue on actual health care.

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