Internal cost estimates from 17 of the nation's largest insurance companies indicate that health insurance premiums will grow an average of 100 percent under Obamacare, and that some will soar more than 400 percent, crushing the administration's goal of affordability.
New regulations, policies, taxes, fees and mandates are the reason for the unexpected "rate shock," according to the House Energy and Commerce Committee, which released a report Monday based on internal documents provided by the insurance companies. The 17 companies include Aetna, Blue Cross Blue Shield and Kaiser Foundation.
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The report found that individuals will face "premium increases of nearly 100 percent on average, with potential highs eclipsing 400 percent. Meanwhile, small businesses can expect average premium increases in the small group market of up to 50 percent, with potential highs over 100 percent."
One company said that new participants in the individual market could see a premium increase of 413 percent when new requirements on age rating and required benefits are taken into account, said the report. "The average yearly cost for a new customer in the individual market grows from $1,896 to $3,708 -- a $1,812 cost increase," it added.
The key reasons for the surge in premiums include providing wider services than people are now paying for and adding less healthy people to the rolls of insured, said the report.
It concluded: "Despite promises that the law will lower costs, [Obamacare] will in fact cause the premiums of many Americans to spike substantially. The broken promises are numerous, and the empirical data reveal that many Americans, from recent college graduates to older adults, will not be able to afford the law's higher costs."
Insurers predict 100% to 400% Obamacare rate explosion | WashingtonExaminer.com
At his press conference Tuesday, President Obama assured Americans that, “To the 85-90 percent of Americans who already have health insurance: They’re already experiencing most of the benefits of the Affordable Care Act even if they don’t know it.”
Those benefits apparently include higher premiums. According to the Wall Street Journal, insurers are warning that premiums in the individual and small-group markets could double in the next few years. Already, they are well on their way. For example, California health insurers are proposing increases for some customers of 20 percent or more: 26 percent by Blue Cross, 22 percent by Aetna, and 20 percent by Blue Shield. In Maryland, Care First, the state’s largest insurer, has proposed a 25 percent increase for next year.
Younger and healthier Americans can expect to pay even more. According to a survey by the American Action Forum, healthy young people in the individual or small-group insurance markets can look forward to rate increases averaging as much as 169 percent.
Read more: Obamacare's 'benefits' are gradually becoming apparent | The Daily Caller
My expectation is that it will be good for some, bad for others, and pundits will focus on whichever groups help the narrative they are selling.
As for the OP: Congratulations, Democrats; you now own a disaster. Fade over time? This is going to hurt families an you expect us just to drop it?
Last edited by cpwill; 05-21-13 at 04:15 AM.
“If we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures.”
- Alexander Hamilton. Spiritual father of #NeverTrump
Moderator's Warning: Moved to appropriate location
"I am appalled that somebody who is the nominee...would take that kind of position"
"A court took away a presidency"
"...the brother of a man running for president was the governor of the state..."
It's horrifying because Trump is blunt instead of making overt implications.
Twenty-five, thirty years from now, Obama, wrongly, will be credited with moving America to a universal health care system. It won't be because Obamacare was a stepping stone to it - it will be because Obamacare will be identified by the majority of Americans and their government as the disaster it truly is. The only way to recover from it will be a wholesale takeover of much of the system, with those who can afford it also purchasing additional health insurance coverage to supplement what the government program doesn't cover.
A Canadian conservative is one who believes in limited government and that the government should stay out of our wallets and out of our bedrooms.