Obamacare Enrollment Drops To 11.1 Million, Government Calls It "Sign Of Success"

By nearly all accounts, Obamacare has been a spectacular failure. Whether it's the fact that half of the cooperatives created by Obamacare had to shut down costing taxpayers roughly $1.2 billion, or that insurance premiums are exploding higher, or perhaps just having to find a new healthcare plan since the largest US health insurer decided to divorce itself from the Obamacare exchanges, it all points to disaster.

When it comes to the latest Obamacare enrollment figures, the story remains the same. As The Hill reports, Obamacare enrollment dropped to about 11.1 million people at the end of March, down from the 12.7 million who signed up for coverage before the January 31 deadline.

The Centers for Medicare and Medicaid Services (CMS) said that a dropoff was expected, and has occurred in previous years as well, given that some people who sign up do not pay their premiums - we wonder why that is. The administration says it projects that about 10 million people will remain signed up by the end of the year. Said otherwise, they government is planning on another 1.1 million dropping out of Obamacare before the end of the year.

Kevin Counihan, the CEO of the Obamacare marketplaces, said the fact that about a million more people are signed up than at a similar point last year (11.1 million compared to 10.2 million) is a sign of success. We suspect Kevin is conveniently forgetting the fact that the CBO had projected that 2016 enrollment would be as high as 21 million people - but perhaps missing projections by nearly half is a sign of success in the government's eyes.

Here is how Counihan is spinning the results:

"This increased level of enrollment demonstrates the strength of the Marketplace over time, as millions of Americans continue to have access to quality and affordable coverage when they need it. As of early this year, 20 million Americans had coverage thanks to provisions of the Affordable Care Act, and the Health Insurance Marketplace is an important contributor to that progress."

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Then again, despite the incredible miss in enrollment compared to projections, and ignoring the fact that the enrollment level dropped once again, perhaps Obamacare did actually achieve its ultimate goal. As we reported earlier this week, Obamacare accounted for 58% of US growth in Q1.