Paul: If GOP Doesn’t Replace Obamacare ‘Within Months,’ Insurance Companies Will Go Bankrupt

Wednesday on Fox News Channel’s “America’s News HQ,” Sen. Rand Paul (R-KY) said while he supports repealing the Affordable Care Act, it must be replaced immediately or “within months of repealing it, you will lead to further bankruptcies in the insurance industry.”

Paul said, “Well here’s the interesting thing about Obamacare, they wanted to provide insurance for everybody, even if you were already sick, preexisting conditions, but they could only pay for it if they forced all of the healthy people to buy insurance through  a mandate. It’s not working so well. What is happening is not enough healthy people are buying insurance and the rates for individual insurance went through the roof and yet insurance companies are still failing and threatening bankruptcy.”

He added, “Here is the problem. If you repeal the individual mandate that forces young people to buy insurance less young healthy people buy insurance and the system will spiral quicker. I’m for getting rid of the mandate. I am for repealing Obamacare, but you have to replace it. If you don’t replace it, my prediction is within months of repealing it, you will lead to further bankruptcies in the insurance industry.”

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