Insurers predict 100% to 400% Obamacare rate explosion

Washington Examiner ^ | 5/14/2013 | Paul Bedard

[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."

[bert]

Recall if you will, Obama care is a tax. It is paid by those who purchase insurance for expenses of those who do not.

[Joe 6-pack]

"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."

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.

[Track9]

This is how the Soviet Union lost the cold war.

[Tammy8]

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.

[Fred Hayek]

And the part timers will have to pay their own premiums, under penalty of law.

FUBO!

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.

[OneWingedShark]

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.

I thought we were close to 25% now.

[central_va]

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

[nascarnation]

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.

[Sirius Lee]

Take a huge bureaucratic entity like an insurance company and stick it in between the consumer and the doctor. A big chunk of change is taken out of the middle and so the price of medical care rises.

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.

[Usually_Disappointed]

The year before last my rates went up 100%. I had to change plans because I could no longer afford the plan I had for years. Last year my rates only went up 5%, but the coverage dropped by quite a bit. By next year I suspect I won’t be able to afford anything but disaster coverage...

[Varsity Flight]

“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.

[Vision]

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?

[OneWingedShark]

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

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.

[slouper]

I don’t see what the big deal is.

[NormsRevenge]

I’m sick.

[GeronL]

wow