Thanks to mandates that take effect in 2014, premiums in individual markets will shoot up. Some may double.
Health-insurance premiums have been rising—and consumers will experience another series of price shocks later this year when some see their premiums skyrocket thanks to the Affordable Care Act, aka ObamaCare.
The reason: The congressional Democrats who crafted the legislation ignored virtually every actuarial principle governing rational insurance pricing. Premiums will soon reflect that disregard—indeed, premiums are already reflecting it.
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6 comments:
insurance premiums have been drastically rising and were predicted to drastically rise before anyone ever hear of "obamacare". So if we see continued large increases, it will be in spite of, not because of obamacare
12:45 is so right, I have owned a business for over 20 yrs and our premiums go up every year.
Previously, actuaries didn't have to guess - they had stats.
The price of EVERYTHING has been rising, but it was measureable.
How do you put a shared risk price on convering someone with advanced cancer, liver disease, etc?
How about the tax on medical devices?
These will all be the legacy of Obamacare, if it survives.
Sounds like price gouging to me. Because they can!
I've had formerly Blue Cross now CareFirst for 30+ yrs. It was $76 a month for close to 20 yrs. The premiums never rose every year. Now in the past 3 yrs it has risen exponentially to over $300 a month.
Dont' even attempt to claim it's not due to Obamacare because it is.
Every unbiased expert predicted premiums would have to rise under Obamacare because the bill stipulates that 80 something percent of money collected from premiums must be spent on medical care. What is happening is the insurance companies are now charging everyone for the expected abuse (like people running to the doc for a hangnail) some will engage in.
we have Carefirst also. our deductible is 2500.00 after we meet that, it only pays 80% and we pay the rest.
we are glad we have coverage but it is killing us.
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