Page 26 - Actuaries News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Act wares. in washington, 106%. 86% in ohio. >> actually, sean, it's a big deal, when you look at how the law was calculated, the unintentioned economic consequences of obama care is disaster house. employers are shifting to part-time. what insurance companies are doing to increase premiums and game the system. all of the assumptions on which the law was passed, saying it's actually going to state of money are completely flawed. so the cbo needs to go back and recalculate that. >> the original estimate was, 900 billion, remember the president tried latest cbo number that i saw was 2.8 trillion...

Delay but we asked, also, that she take her experts and tell us why these rate increases were not justified with mandates and things that obama care has to cover for individuals. so that was a main part we asked for 30 days to get her time to evaluate these. we had outside actuaries evaluate the rates. they came back on six of the seven companies that filed, and said their rates were reasonable saying one was 8% excessive. so that company rolled their rates back 10%. but we had a real instinct -- interesting thing happen. >> greta: okay. >> go ahead. >> you go, sir, sorry. >> i want to tell yo...

Delay but we asked, also, that she take her experts and tell us why these rate increases were not justified with mandates and things that obama care has to cover for individuals. so that was a main part we asked for 30 days to get her time to evaluate these. we had outside actuaries evaluate the rates. they came back on six of the seven companies that filed, and said their rates were reasonable saying one was 8% excessive. so that company rolled their rates back 10%. but we had a real instinct -- interesting thing happen. >> greta: okay. >> go ahead. >> you go, sir, sorry. >> i want to tell yo...

Expected. so i think when we actually come to the implementation, a lot of people are going to be surprised. >> that's not true. that's simply not true. i have a small law firm. austin, i have a small law firm. it's less than 20 lawyers. we just found out that anthem blue cross has pulled out of the insurance exchange in california. entire sectors of the insurance industry -- >> i don't know about the average prices available -- >> average price of zero is zero. there aren't any insurance companies left for small businesses, austin. >> that's not true. there are more insurance companies partic...

People to sign up that are necessary to keep this thing from going into what the actuaries call a death spiral. heather: right now the individual mandate is still in place and starting this october all individuals must get insurance or pay a fine. but as george will pointed out, the fine is 3-5 times less expensive than the insurance premiums. george will says they are not going to sign if you they can do elementary arithmetic which she can. he says the administration is counting on matter rationale. >> the beauty of the situation is there is no obama-care. what obama-care is is whatever the o...