Obamacare Insurance Cancellations Surging
President Barack Obama said on Thursday that he is "sorry" that millions of Americans are now receiving cancellation letters from their health insurance providers due to Obamacare.
In just the last few weeks, insurance cancellation notices have surged.
On October 29, CBS News reported that over 2,000,000 Americans had received health insurance cancellation notices due to Obamacare.
On November 4, the Associated Press reported that at least 3,500,000 Americans had received health insurance cancellation notices due to Obamacare.
On November 7, Fox News reported that 4,200,000 Americans had received health insurance cancellation notices due to Obamacare.
Obama has tried to downplay the wave of cancellation notices.
"We're talking about five percent of the population," said Obama Thursday night.
However, if the cancellation surge continues to swell, the number of Americans whose health plans are canceled could actually exceed the seven million people the Obama Administration seeks to sign up for Obamacare.
Indeed, according to the Wall Street Journal, as many 10 million Americans may receive health insurance cancellation notices before the March Obamacare enrollment period ends:
As many as 10 million consumers are expected to have their health plans terminated by their insurers effective Jan. 1 or after, insurance experts said, meaning that millions of cancellation letters are likely to go out during the fall enrollment season.
About 15.4 million people, or about 5% of the U.S. population, are covered under individual health plans, according to the nonpartisan Kaiser Family Foundation.
Obama promised no less than 36 times that if Americans liked their health plan they could keep it after Obamacare was implemented.