I'm not sure if it was first risk management or actuary course where I learned guaranteed issue and voluntary participation equals adverse selection and a death spiral. So much for the smartest man in the room.
The Obama administration Friday pulled the plug on a major program in the president's signature health overhaul law -- a long-term care insurance plan dogged from the beginning by doubts over its financial solvency.
Targeted by congressional Republicans for repeal, the program became the first casualty in the political and policy wars over the health care law. It had been expected to launch in 2013.
"This is a victory for the American taxpayer and future generations," said Sen. John Thune, R-S.D., spearheading opposition in the Senate. "The administration is finally admitting (the long-term care plan) is unsustainable and cannot be implemented."
Much more inside lacrosse at the link. |