Premium Surges Could Reach 400 Percent Under Obamacare

Image: Premium Surges Could Reach 400 Percent Under Obamacare

Tuesday, 14 May 2013 11:43 AM

By Courtney Coren

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Some of the nation's largest insurance providers are estimating that premiums could increase as much as 400 percent under Obamacare, The Washington Examiner reported Tuesday.

Citing internal reports from 17 companies provided to the House Energy and Commerce Committee, the Examiner reported the estimated increases would be tied to the cost of implementing the new regulations, taxes, fees, and mandates in the healthcare reform law.

The average increase is expected to be about 100 percent and could be as high as 400 percent, according to a report released Monday by the committee laying out the estimates from such companies as Aetna, Blue Cross Blue Shield, and the Kaiser Foundation.

Urgent: Is Obamacare Hurting Your Wallet? Vote in Poll


"The average yearly cost for a new customer in the individual market grows from $1,896 to $3,708 — a $1,812 cost increase," according to the report.

Adding to the costs, the committee report stated, are requirements that insurance policies cover a wider array of services and that people in poor health be added to the insurance rolls.

One insurance provider, the Examiner noted, calculated a possible 413 percent increase due to new age-rating requirements and other new benefits that will have to be offered.

"Despite promises that the law will lower costs, [Obamacare] will in fact cause the premiums of many Americans to spike substantially," the report from the Republican-controlled committee concluded.

"The broken promises are numerous, and the empirical data reveal that many Americans, from recent college graduates to older adults, will not be able to afford the law's higher costs."

Urgent: Is Obamacare Hurting Your Wallet? Vote in Poll

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