Obamacare in action: health insurance premiums rising by 25% in 30 states

Is Barack Obama focused on protecting the American people?
Is Barack Obama capable of doing what he claims in his speeches?

What happens when you let someone who knows nothing about economics or healthcare push through socialist health care policies?

NBC News reports:

Millions of people who pay the full cost of their health insurance will face the sting of rising premiums next year, with no financial help from government subsidies.

Renewal notices bearing the bad news will go out this fall, just as the presidential election is in the home stretch.

[…]Obama’s health law provides income-based subsidies for consumers who buy individual policies on HealthCare.gov and state insurance markets. About 10 million people get assistance, helping reduce the uninsured rate to a historically low 9 percent.

[…]But there’s no subsidy for those making more than $47,520 for an individual and $97,200 for a family of four – cutoffs that represent four times the federal poverty level. Also, subsidies are not available for consumers at any income level who purchase outside of HealthCare.gov or a state marketplace. Those who remain uninsured risk fines.

Premiums are expected to climb next year in many areas because major insurers have taken significant financial losses under the health law. Enrollment has been lower than anticipated, new customers were sicker than expected and a government system to stabilize the markets had problems.

Investors Business Daily says 30 states will face an average increase of 25%:

Insurers covering more than half the U.S. are seeking average premium hikes of 25% for 2017 for ObamaCare policies sold on and off the public exchanges.

Although the requests are preliminary and filings for 20 more states are still due, there’s now little doubt that individual market premiums are set for a shockingly large jump next year.

We are losing taxpayer money subsidizing the costs of the bloated Obamacare health care plans. But there are also bailouts of big insurance companies at taxpayer expense, as well.

The Fiscal Times explains:

Some lawmakers are still seething over an administration decision nearly two years ago that has shortchanged the Treasury of billions of dollars by shifting the funds to an obscure Obamacare program aimed at protecting insurers against major losses.

The so-called Transition Reinsurance Program was designed as a three-year experiment to help guard against major premium hikes by offsetting the high cost to insurers of providing health care coverage to the least healthy Americans. Essentially, it helps to “smooth out losses” for insurance companies operating in the Obamacare individual market.

But a tax imposed on all insurers in the country to fund the TRP and simultaneously bolster the U.S. Treasury has proven to be grossly inadequate. And an agency of the Department of Health and Human Services decided in 2014 to shift most of the funds to the reinsurance program without consulting Congress.

Senate Republicans are trying to block the bailout. And this is in addition to all the cost overruns of the Obamacare web site that taxpayers had to cover. Remember that?

Big government is inefficient and it costs taxpayers – not just the taxpayers of today, but the taxpayers who are not yet born. Obama doubled the national debt from 10 to 20 trillion, adding more to the debt than ALL the other Presidents put together. It was a mistake to elect this man, and then to re-elect him. We are paying for it now.

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