Not quit. You said, "The insurance companies were required by the ACA LAW to add additional clauses to the policies they had issued. " This is true for plans that they will sell in 2014. The grandfathered plans do not have to meet the requirements of the law with the exception of the life time maximum elimination requirement. The regulations allowed plans to be modified to include this change and still meet the grandfather requirements. Premiums of grandfathered plans can be increased but they can not add significant cost to the beneficiary.
Insurance companies were not forced by the law to cancel their plans. Cancelling plans was a business decision. If you look at
www.ehealthinsurance.com you will see a number of grandfathered plans listed which insurance companies are not cancelling and will be in effect in 2014. You will also see a number of new plans which are ACA compliant. There are also other plans that have been upgraded to be ACA compliant. Expecting the president to have certain knowledge that insurance companies would cancel, upgrade, or grandfather plans when he signed the law is asking bit much.
Cancelling plans are a business decision.
Correct.
Aren't insurance companies in business?
It's a matter of choosing between getting screwed by the new requirements or cutting loose a few million customers. Which would you do?
Insurance companies cannot stay in business if they are losing money. Obama expected them to do what businesses do to survive. Those evil companies aren't like the government where they lose trillions and don't have to answer to anyone.
I don't think we need to worry about the profitability of the health insurance companies.
Aetna, WellPoint, UnitedHealth Group, Humana and Cigna — have seen an average of a 32 percent increase in their stock prices over the last 12 months, while the Standard & Poor’s 500-stock index has risen by just 24 percent.
Unlike the political opposition to the law, insurance companies simple don't see Obamacare as much of a hindrance. Most health insurers are forecasting earnings growth after the health care law is fully in effect. Mark T. Bertolini, the Aetna chief executive, said recently: “We continue to believe that public exchanges can represent a longer-term upside opportunity.” David Cordani, Cigna’s chief executive, said his company’s average annual earnings per share would grow 10 to 13 percent over the next three to five years.
If such projections are correct, someday we may look back and wonder what all the fuss was about.
http://www.nytimes.com/2013/10/27/business/insurers-stocks-unhurt-by-the-dawn-of-obamacare.html?_r=0