GAO: Biggest Insurers Flourishing Under O-Care

Health insurance giants are eating up a bigger slice of the marketplace in most states, despite intense efforts under ObamaCare to increase competition.

The three largest insurance companies held an average of 86 percent of customers in the individual market last year, up from 83 percent in 2010, when the healthcare reform act was passed, according to a Monday report from the Government Accountability Office.

The biggest companies held at least 95 percent of all customers in nearly a dozen states, including Alabama, Iowa, Kentucky and New Jersey.

The report found that the marketplace remained highly concentrated from 2010-2013, the latest year data was available, which shows the nation’s slow progress to dislodge long-standing insurance monopolies under the Affordable Care Act.

The findings are a blow to the Obama administration, which has touted lower costs and more options for millions across the country under the healthcare law.