Significant premium hikes expected under Obama health law
WASHINGTON (AP) — Insurers will seek significant premium hikes under President Barack Obama's health care law this summer - stiff medicine for consumers and voters ahead of the national political conventions.
Expect the state-by-state premium requests to reflect what insurers see as the bottom line: The health law has been a financial drain for many companies. They're setting the stage for 2017 hikes that could reach well into the double digits, in some cases.
For example, in Virginia, a state that reports early, nine insurers returning to the HealthCare.gov marketplace are seeking average premium increases that range from 9.4 percent to 37.1 percent. Those initial estimates filed with the state may change.
More than 12 million people nationwide get coverage though the health law's markets, which offer subsidized private insurance. But the increases could also affect several million who purchase individual policies outside the government system.
Going into their fourth year, the health law's markets are still searching for stability. That's in contrast to more-established government programs like Medicaid and Medicare Advantage, in which private insurers profitably cover tens of millions of people.
The health law's nagging problems center on lower-than-hoped-for enrollment, sicker-than-expected customers, and a balky internal stabilization system that didn't deliver as advertised and was already scheduled to be pared back next year.
A lot of things were delayed until after Obama. The Fed will take action when he's gone - they're covering for him with their zero interest rates. The $19 Trillion in debt will have it's comeuppance as well. And Obamacare will continue to bleed the taxpayers, cause rationing of health care and contribute to the US debt.
All so people like Common can brag about a .5% GDP growth in the first quarter of this year and how awesome Obama was despite record unemployed, failing insurance exchanges, record welfare and doubling of the US debt.
Such worship of men is scary.
When people are harmed or denied through greedy men of private enterprise, greedy lawyers are there to help seek remedy. When people are harmed or denied through politicians and government, who is there to help seek remedy?
The premise of the PPACA was corrupt .
The young and healthy would sign-up to help pay for the old and sick . For one , the young haven't rushed to sign up , they've chosen the cheaper option , took their chances , and paid the penalty .
For two , the law also allows the young to be covered by their parents until they are 26 years old . So the PPACA's premise of the young paying for the old fails by default from the get go .
Like any promise from any politician , if it sounds too good to be true , it is .
Socialism does not work .
"If you like your insurance you can keep it . Period ."
~~ Barack Obama
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