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NY Times: Healthcare Rates Could Rise 50 Percent

Image: NY Times: Healthcare Rates Could Rise 50 Percent
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By    |   Wednesday, 04 Oct 2017 10:08 AM

Prices for some individual policies sold under the federal healthcare law could increase by over 50 percent next year, The New York Times reported.

Regulators in many states are approving the increases from health insurers in a bid to keep the companies, despite the uncertainty of the future of Obamacare.

In Georgia alone, insurance commissioner Ralph Hudgens said the approved rates would be up to 57.5 percent higher next year. Hudgens is a critic of the healthcare law, according to the Times.

"Obamacare has become even more unaffordable for Georgia's middle class," Hudgens said. "I am disappointed by reports that the latest Obamacare repeal has stalled once again and urge Congress to take action to end this failed health insurance experiment."

The average rate increase in Florida will be about 45 percent, the Times noted. And the average rate increase for plans sold on the state marketplace in New Mexico is about 30 percent.

Officials in New York said premiums were expected to come up 14 percent higher — but still be below where they were before the law took effect.

Still those who qualify for federal subsidies will likely not be faced with the higher prices and could actually see rates lowered, the Times reported. 

While most states have not made rate increases public, experts estimate the price hikes could run from 10 percent to almost 60 percent. The final prices are not expected to be made public until Nov. 1.

"It's very hard for a regulator to deny those rate increases when we can take a look at their bottom line and can tell they can't continue if they can't keep their head above water," said Mike Kreidler, Washington State's insurance commissioner and a supporter of the health law.

Insurances companies have defended the rate increases, the Times reported. Officials claim they are unavoidable under current circumstances.

According to the Los Angeles Times, Dave Jones, California's health insurance commissioner, said: "This has been the most unstable and challenged health insurance market in my tenure as a public servant. The degree of uncertainty and instability that the Trump administration has injected into the market this year cannot be understated."

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Prices for some individual policies sold under the federal healthcare law could increase by over 50 percent next year, The New Times reported.
healthcare, rates, rise
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2017-08-04
Wednesday, 04 Oct 2017 10:08 AM
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