Health Insurance premiums will increase 41% in Ohio…..
a 35% increase in FL…..71% increase in Indiana! Didn’t Obama and Congress (Nancy
Pelosi) our costs would “go down”? So what were they talking about? My premiums
have skyrocketed, and my physician’s reimbursements have hit rock-bottom, and
most likely will decrease further!
NEW YORK (CNNMoney)
Where
Obamacare premiums will soar
By
Tami Luhby August 6, 2013: 1:57 PM ET
Get
ready to shell out more money for individual health insurance under Obamacare
... in some states, that is.
While many residents in New York
and California
may see sizable decreases in their premiums (just a note….The auther knows this
statement is BULLSHIT…just saying!), Americans in many places could face
significant increases if they buy insurance through state-based exchanges next
year.
That's because these people live in states where
insurers were allowed to sell bare-bones plans and exclude the sick, which has
kept costs down. Under Obamacare, insurers must offer a package of essential
benefits -- including maternity, mental health and medications -- and must
cover all who apply. But more comprehensive coverage may lead to more expensive
insurance plans.
Under Obamacare, all Americans must have insurance
coverage starting in 2014 or face penalties of $95 or 1% of family income,
whichever is greater. Enrollment in the exchanges begins October 1, with
coverage kicking in in January. Plans will come in four tiers, ranging from
bronze to platinum.
Some lightly regulated states ( just a note….All
States should be lightly regulated, and let the market, physicians and patients
take care of their own business!), including Indiana, Ohio, Florida and South
Carolina, have recently released preliminary rate information highlighting
steep price increases. Unlike the blue states of California and New York, these
are Republican-led states that have strongly opposed the Affordable Care Act,
as Obamacare is officially known.
Comparing this year's and next year's plans isn't
easy because the structure of the plans is so different. Each state comes up
with its own method.
Behind the numbers in 3 key
states. In Florida, for instance, officials constructed a
hypothetical silver-level plan based on the offerings available today. Then
they looked at how the cost of that plan compares to the average silver plan
that will be available on the exchange. Florida found premiums will rise
between 7.6% and 58.8%, depending on the insurer. The average increase would be
35%.
The main driver of the premium increases is the
Obamacare mandate that coverage be offered to everyone, said Kevin McCarty,
Florida's insurance commissioner. There are just short of a million enrollees
in the individual market in Florida, while 3.8 million are uninsured. The state
does not allow new entrants into a "high-risk pool," which provides
coverage to the sick.
"People who are in their 50s with high blood
pressure have no coverage options," he said.
Ohio, meanwhile, said there would be an average
increase of 41% by comparing a trade association's report of premiums for all
plans available today with the average premium expected on the exchange.
Indiana officials said prices would rise an average
of 72%. But they were looking at the cost of providing care, not actual
premiums.
All of these rate hikes must still be reviewed by
the federal government (just another note….”federal government review” yeah….that
should wok! That’s sacasim folks!) and do not take into account the fact that
Americans with incomes up to $45,960 for an individual and $94,200 for a family
of four will be eligible for federal
subsidies.
So why aren't there such big premium increases in
other states? New York, for example, already required that insurers provide
comprehensive coverage to all who apply. Rates there could fall by half since
the pool will expand to include many younger, healthier residents under
Obamacare. But New York is more the exception than the rule, experts said.
Rate hikes depend on age and
gender. To give consumers a better idea of how premiums
will change, CNNMoney took a look at the plans provided by one insurer: Physicians
Health Plan of Northern Indiana.
Our analysis found that 21-year-old men will pay a
lot more for an exchange plan, but 42-year-old women and 62-year-old men will
shell out less for a silver-level plan that comes with a $2,500 deductible and
a roughly $25 co-pay for office visits.
Under this scenario, a young man's monthly rate
will rise to $214 on the exchange next year, up 63% from today. The woman,
however, will pay $284, a drop of more than 7%, while the older man will be
charged $615, a nearly 6% decrease. This is because Obamacare requires that
women pay the same amount as men and does not allow insurers to charge older
participants more than three times the young.
Physicians Health expects most enrollees to sign up
for bronze or silver plans, which have lower monthly premiums but carry higher
deductibles and co-pays, according to Jim Brunnemer, the insurer's chief
financial officer. Today, its members typically buy high deductible plans.
To be sure, there are some states where premiums
will fall or come in lower than expected. The Obama administration pointed to a
recent Department of Health and Human Services study of 11 states with publicly
available premium data that showed rates are below Congressional Budget Office
projections.
"When the marketplaces open on Oct. 1, plans
will have to compete side by side, and consumers will be able to choose the one
that best fits their budget and needs," said Joanne Peters, a department
spokeswoman.
While premiums may go up in other states, Obamacare
advocates say people will receive more comprehensive coverage. Also, the law
limits the amount people have to pay out-of-pocket for deductibles and co-pays
to $6,350 in 2014.
"A lot of people will get more for their
money," said Sarah Lueck, senior policy analyst for the Center on Budget
and Policy Priorities. "Even people paying a higher rate will benefit. It
will be a big change in most states."
No comments:
Post a Comment