The stability of Obamacare likely rests significantly on the arcane and challenging technology of Risk Adjustment. Run it poorly in ways insurers can game and look for the market to fall into a Bronze HMO basin of attraction or collapse altogether. Run it without the strictest safeguards for medical privacy and see a mass rebellion from insureds. Obamacare would have a better chance at stability with a diversity of plans if Risk Adjustment worked considerably better than has so far been the case.
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