Obamacare success: health insurance premiums to rise 20-40 percent in 2016

Obama doesn't have time for national security
Obama on the golf course having fun

This is from the radically leftist New York Times, of all places.

They write:

Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled back.

Blue Cross and Blue Shield plans — market leaders in many states — are seeking rate increases that average 23 percent in Illinois, 25 percent in North Carolina, 31 percent in Oklahoma, 36 percent in Tennessee and 54 percent in Minnesota, according to documents posted online by the federal government and state insurance commissioners and interviews with insurance executives.

The Oregon insurance commissioner, Laura N. Cali, has just approved 2016 rate increases for companies that cover more than 220,000 people. Moda Health Plan, which has the largest enrollment in the state, received a 25 percent increase, and the second-largest plan, LifeWise, received a 33 percent increase.
Jesse Ellis O’Brien, a health advocate at the Oregon State Public Interest Research Group, said: “Rate increases will be bigger in 2016 than they have been for years and years and will have a profound effect on consumers here. Some may start wondering if insurance is affordable or if it’s worth the money.”

[…]The rate requests are the first to reflect a full year of experience with the new insurance exchanges and federal standards that require insurers to accept all applicants, without charging higher prices because of a person’s illness or disability.

Bye-bye private health insurance, hello government-run VA style health care:

In financial statements filed with the government in the last two months, some insurers said that their claims payments totaled not just 80 percent, but more than 100 percent of premiums. And that, they said, is unsustainable.

Here’s Minnesota and Tennessee:

At Blue Cross and Blue Shield of Minnesota, for example, the ratio of claims paid to premium revenues was more than 115 percent, and the company said it lost more than $135 million on its individual insurance business in 2014. “Based on first-quarter results,” it said, “the year-end deficit for 2015 individual business is expected to be significantly higher.”

BlueCross BlueShield of Tennessee, the largest insurer in the state’s individual market, said its proposed increase of 36 percent could affect more than 209,000 consumers.

Missouri, North Carolina, Kansas:

Coventry Health Care, now owned by Aetna, is seeking rate increases that average 22 percent for 70,000 consumers in Missouri. “The claims experience for these plans has been worse than anticipated,” Coventry reported.

In its proposal to increase rates by an average of 25 percent for more than 397,000 consumers, Blue Cross and Blue Shield of North Carolina cited “inpatient costs, particularly in treatment of cancer and heart conditions, emergency room utilization, and cost for specialty drug medications” to treat hepatitis C, breast cancer and cystic fibrosis.

Blue Cross and Blue Shield of Kansas sought increases averaging 37 percent for 2016 and said the increase could affect 28,600 consumers.

“Kansans who purchased these individual plans since 2014 were older, in general, than expected and required more medical services than anticipated,” the company told federal health officials.

Wow, so when Obama promised all kinds of new free things, that actually costs money? I can’t believe it. Why didn’t Obama tell us that it would cost more to do all these things he promised, and that we would be stuck with the bill – not him? I thought he was such a generous guy and was going to pay for all this himself. But it turns out that he was just telling you what he was going to buy with your money.

3 thoughts on “Obamacare success: health insurance premiums to rise 20-40 percent in 2016”

  1. Are you familiar with Health Expenses Sharing Ministries? SO FAR, they are exempt from O-care requirements.

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  2. Maybe they need to send out advice on how to file for bankruptcy to every middle class family in the US. The government can also send out a list of medications and medical procedures that patients can skip to reduce their costs. Middle class families are already rolling the dice on their health because of the high cost of insurance and high deductibles. http://www.usatoday.com/story/news/nation/2015/01/01/middle-class-workers-struggle-to-pay-for-care-despite-insurance/19841235/

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