Health insurance premiums under the Democratic health care law are skyrocketing, according to a survey of insurance brokers conducted by health care analysts with Morgan Stanley.
Scott Gottlieb, at Forbes.com, writes:
The average increases are in excess of 11% in the small group market and 12% in the individual market. Some state show increases 10 to 50 times that amount. The analysts conclude that the “increases are largely due to changes under the ACA.”
The analysts conducting the survey attribute the rate increases largely to a combination of four factors set in motion by Obamacare: Commercial underwriting restrictions, the age bands that don’t allow insurers to vary premiums between young and old beneficiaries based on the actual costs of providing the coverage, the new excise taxes being levied on insurance plans, and new benefit designs.
The poll results come on the heels of President Obama’s announcement that more than 7 million Americans have selected health insurance plans at HealthCare.gov. Democrats viewed the milestone as an indication that Republicans are misguided if they think they can be victorious in the coming midterm elections by running against Obamacare. But increasing insurance premiums could blunt voter enthusiasm about the controversial health care law.
<span class="dsq-postid" data-dsqidentifier="8438 http://www.themainewire.com/?p=8438">8 Comments
Health insurance premiums were skyrocketing well before the ACA became law. The fact that insurers are no longer able to discriminate is a *good* thing (“vary premiums between young and old beneficiaries based on the actual costs of providing the coverage”, for one). Until this country joins the rest of the civilized world and provides health care access to all citizens, the corporate health insurance stranglehold will continue.
I recall that it was only a few years ago that LD 1333, LePage’s signature health care overhaul bill, became law. I’m interested that your article did not mention how insurance premiums in Maine are faring.
What a shame the ACA is – especially for Maine. After decades of liberal experiments such as Dirigo Health, Community Rating, Certificate of Need, Rule 850, we were finally beginning to get the insurance market turned around. Now this. Dems are determined to destroy the private health insurance market in this country.
When are people going to smarten up an understand that the ACA (Obamacare) is not supposed to work. It is not a healthcare reform law, it is an insurance industry reform law. It does absolutely nothing to improve health care. Its intent is to force premiums out of control, forcing people to drop coverage in favor of something else, which will ultimately be Medicare, which will be turned into a solution to cure the insurance market when the providers start to go belly up and file for bankruptcy when the payouts exceed the revenue they collect. I give it a couple, maybe three years and you will start to see a socialist styled single payer system start to become implemented. In the end, there will only be one privatized company, probably the Blue Cross/Blue Shield network that will obtain the monopoly for health insurance.
I’m still waiting for the $2500 savings. I’m sure because of the delay BO will add interest to my check.
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