Skip to comments.Insurers predict 100% to 400% Obamacare rate explosion
Posted on 05/14/2013 3:26:56 PM PDT by markomalley
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.
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."
400% of free is still free!
Because govt bureaucrats can run a huge complex industry so damned well....
If you think health care’s expensive now, wait until you see what it costs when it’s free.
Maybe the rate increases will finally get the low-information crowd to yank their heads back out of their a$$es and realize what a big mistake they made in Nov 2008 and 2012.
No problem. Just print more and more money and give subsidies to more and more people so they can pay higher and higher premiums.
What will be interesting will be the unemployment percentage after the commie care goes into effect. I think the record is 23% in 1932. If we’re lucky maybe it’ll only hit 22% and then when Democrats blame the RINO party, the RINOs won’t have to apologize too much.
No, they'll just blame the evil, rich, greedy insurance companies.
My 2012 form W-2 has a box with the cost of my employer provided health insurance in it. Last year it was about $4,000. That amount is not taxable YET. Soon the amount will be more than double and it will be taxable. Why else would the IRS add that box to the W-2? How many times did 0bama promise “If you make less than $250,000 yo taxes won go up one one dime.” That a**hole makes me sick!
“crushing the administration’s goal of affordability.”
The goal was never “affordability”, the goal is CONTROL, and the power to crush political opposition. They are ALREADY handing Confidential info to Radical Dem groups for political use, what do you think they are going to do with medical records??
A lot of these insurance company suckers signed on for this oppressive monstrosity. Now Obama will make them eat costs and then saddle the “rich” taxpayers with the remainder. We’ll end up with no private insurance market and the “rich” paying 70%+ in taxes to give the entire country, including any illegal who can make it across the border, free health care.
Actually I think just the opposite.
I think Obamacare will actually result in lower unemployment, as 10’s of millions of businesses shift people to part time so they wont have to pay for their insurance, thus forcing them to hire more people.
Hope you enjoy you minimum wage 30 hour a week job :)
Yup, normal people are going to get fagged by this law when fully implemented.
That isn’t counting all the steeple on SSD...
OH...what fun we will have!
"You teach history...the Constitution? Well, sir, you have come to the wrong hospital!"
Yeah, right. Obama's sticking it to the middle class - and everyone who's truthful knows it.
Recall if you will, Obama care is a tax. It is paid by those who purchase insurance for expenses of those who do not.
Are you kidding? Do you really think the people who didn't know this was going to happen are really going to understand why it's happening? The MSM will blame the evil insurers and the Republicans, and the sheep will buy it hook, line and sinker regardless of how clearly it's explained to them.
This is all by design and just one step towards a single payer system.
This is how the Soviet Union lost the cold war.
I think this is part of the plan, when it cannot be made affordable the government will take over and we will just have a total government health care system. I think that was the goal all along.
And the part timers will have to pay their own premiums, under penalty of law.
The intent is to destroy the working and middle class. We will then have a small nomenklatura, and everyone else the proletariat, dependent on the “generousity” of the State.
The People’s Cube website is no longer satire, it is an indication of things to come. Kruschev was right all along.
I thought we were close to 25% now.
But just think all of those frustrated artists can now quit their day job take up the paint brush and still have health insurance. /sarc
I believe you’re correct.
The “29er” strategy will give the regime improved employment stats to show off.
Nobody asks if it’s part time jobs padding the stats.
Now put an even bigger bureaucratic entity like the federal government in between the the doctor and the insurance company and the insurance company and the patient.
400% is a lowball figure.
“The 17 companies include Aetna, Blue Cross Blue Shield and Kaiser Foundation.”
Aetna is a LIFE INSURANCE COMPANY......the 2008 “Bailout” never happened...and the whole push by these so called “insurance” companies is to fund the phony paper...AGAIN.
The question is what will happen when rates skyrocket? People will not pay for it so what is going to happen? Repeal? People give up insurance?
Oddly enough, from what I understand the talented artist-type can make a decent wage [more likely commission]... and it's probably a more marketable skill than much of the craptastic degrees they're handing out now (feminine studies or 'education' degrees)... but then, you might call me bitter and hatefilled because I look forward to the Education Bubble burst.
I don’t see what the big deal is.