Obamacare Sticker Shock: Insurance Premiums to Cost Americans a Lot More Than Promised
Remember when Barack Obama repeatedly promised that families would save $2,500 a year on healthcare premiums with Obamacare?
He made the promise at least 20 times.
Yeah, that was another lie.
It looks like health care premiums are about to skyrocket.
The Washington Examiner reported:
Health insurers are proposing to raise Obamacare rates more than in the past — some by more than 70 percent — now that they are finally equipped with all the information they need to price those plans.
Plans wanting to raise rates by at least 10 percent next year posted the proposed increase online Monday, as required by the 2010 healthcare law. Insurers are allowed to raise rates each year, but they must publish significant increases ahead of time.
Insurers have sold plans in the law’s new insurance marketplaces for two years in a row. But the difference in 2016 is that for the first time, they have a full year of claims data from enrollees that tells them how high or low to set the price tag.
“This is the first time that insurers have access to a full year of claims under the [Affordable Care Act] in order to project premiums,” Kaiser Family Foundation analysts Larry Levitt, Gary Claxton and Cynthia Cox wrote in a blog post Monday.
Until now, insurers have had to mostly guess at who would enroll in Obamacare plans. If the enrollees tended younger and healthier, they could price plans lower. But if they ended up being older and sicker, prices would need to be higher.
And with year two of Obamacare enrollment concluded, there are more older enrollees than younger ones. Almost half were older than age 44, according to final enrollment data from the Obama administration.
Experts are predicting rates will escalate faster next year than in the two years prior, as insurers take a close look at who is enrolling in Obamacare plans to get a good sense of the overall picture.
Obamacare will cost Americans much more than expected.