Tags: Barack Obama | Healthcare Reform | health insurance | premiums | Obamacare | healthcare

Study: Health Insurance Premiums Skyrocket Under Obamacare

By    |   Wednesday, 29 Oct 2014 12:14 PM

Health insurance premiums have skyrocketed since the introduction of Obamacare last year, a new study shows.

According to a report by HealthPocket, premiums in the 23-year-old demographic climbed by 78.2 percent for men and 44.9 percent for women, The Washington Times reported.

The analysis also showed that premiums for 30-year-olds increased by 73.4 percent for men and 35.1 percent for women.

"It's very eye-opening in terms of the transformation occurring within the individual health insurance market," Kev Coleman, head of research and data at HealthPocket, told the Times.

"I was surprised in general to see the differences in terms of the average premiums in the pre-reform and post-reform markets," he added. "It was a higher amount than I had anticipated."

The dramatic increases for younger consumers could undermine the long-term solvency of the president's signature healthcare law given that it was built on the premise that the participation of young people would subsidize the higher costs that are linked to older policyholders, the Times noted.

"Obviously they're very important, and as much as they're healthier, they tend to use healthcare less, so you want to try and have as many of those people enrolled as possible. And the cost for them went up very [steeply]," Coleman said.

There were also premium increases for 63-year-olds, albeit lower than for the other groups. The average increase for men was 22.7 percent and the average increase for women was 37.5 percent.

Some of the consumers in the study would qualify for federal premium subsidies which the analysis does not take account of, but not everyone in those age brackets qualify for the additional assistance since the premium must exceed a certain percentage of income.

"So you still have this issue of health insurance rising for that very young group and, depending on where they are with respect to income and premium, they may not qualify for a subsidy," Coleman said.

The research comes on the heels of other projections that also estimate that health insurance premiums are skyrocketing as the federal healthcare program enters its second year.

One recent report found that some of the lowest-level plans are increasing by a minimum of 14 percent for 2015.

And earlier this year, health industry executives predicted that premiums would double, and in some cases triple, for 2015.

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Health insurance premiums have skyrocketed since the introduction of Obamacare last year, a new study shows.
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