Health Insurance Premiums Skyrocket

The Affordable Health Care Act, more commonly known as “Obamacare,”  was supposed to contain rising health care costs, in particular the cost of health insurance. At least so far, it is failing rather miserably in that effort.

Health insurance costs are skyrocketing at a time when health care costs themselves are increasing much more modestly.

It’s possible that the insurance companies are deliberately gouging because they know that the Affordable Health Care Act will take effect next year and it might curb their ability to raise premiums as much as they’d like. Or maybe the new law is failing in one of its stated goals.

All we know for sure is that these huge increases in the costs of health insurance are going to make it difficult or even impossible for some people to comply with the law’s requirement that every citizen buy health coverage. How exactly is a minimum wage worker supposed to do this? For that matter, how is anyone who works for a living supposed it afford it?

We’re talking about premium hikes that amount to hundreds of dollars a month. I have group insurance, but if I didn’t, I would be hard-pressed to come up with an extra few hundred dollars a month in my already tight budget. Wouldn’t you? How are people supposed to put a roof over their heads and food on their tables, provide for their daily needs, save for their retirement, pay for our hugely over-priced higher education and pay these premiums? Wages, in case you haven’t noticed, have actually been falling for a long time.

The Affordable Health Care Act contains some good things. But the major thing we’ve seen from it so far has been a direct government attack on religious liberty. These skyrocketing insurance rates are just the cherry on top all that goodness.

Hopefully, there is better news about the Affordable Health Care Act and what it does for people instead of to them in the future.

A Mail Online article describing the insurance rate hikes says in part:

Obamacare fails to stop health insurance rates

from skyrocketing by double digits…despite

claims it would make health care cheaper

By JAMES NYE The Mail Online

Health insurance companies across the country are attempting to increase their premiums for customers by over 25 percent – even though Obamacare was introduced to stem the rising cost of health care

At risk from the rising rates are small businesses and those who do not have their health care plan offered by their employer and are left to find their own insurance.

In California, Anthem Blue Cross wants to hike the cost of their premiums by 26 percent and in Florida and Ohio, some insurers want to raise their prices by at least 20 percent – leaving customers several hundred dollars a month worse off.

People participate in a protest on the second day of oral arguments for the Patient Protection and Affordable Care Act in front of the U.S. Supreme Court in March 2012. The law was approved by the court but insurance costs are still rising for somePeople participate in a protest on the second day of oral arguments for the Patient Protection and Affordable Care Act in front of the U.S. Supreme Court in March 2012. The law was approved by the court but insurance costs are still rising for some

The proposed increases in the health care costs compare with only four percent for families and individuals who have plans offered through their jobs.

Under the Affordable Care Act, which will not be fully enacted until 2014, regulators are now required to review any request to raise a rate by more than 10 percent and to publish their findings on healthcare.gov

The review process also lays bare the disparity nationally in health care costs, with 37 states, such as New York able to deny or reduce rates, while others such as California do not have that power.

For example, in 2013, the state legislature of New York used its powers to hold rate increases to under 10 percent, but in California, rate reviews are only for technical errors.

Health Insurance companies have argued that the rising cost of premiums reflect the rising cost of healthcareHealth Insurance companies have argued that the rising cost of premiums reflect the rising cost of healthcare

However, despite the double-digit increases, the overall market shows that health care costs appear to have slowed in recent years.

Nationwide, PricewaterhouseCoopers estimated that health care costs will increase by 7.5 percent next year.

Read more: http://www.dailymail.co.uk/news/article-2258283/Obamacare-fails-stop-health-insurance-rates-skyrocketing-double-digits–despite-claims-make-health-care-cheaper.html#ixzz2HLzsn91F
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