Tuesday, May 14, 2013

Obamacare Up 100%-400%

Insurers predict 100%-400% Obamacare rate explosion

May 13, 2013 | 3:02 pm

Internal cost estimates from 17 of the nation's largest insurance companies indicate that health insurance premiums will grow an average of 100 percent under Obamacare, and that some will soar more than 400 percent, crushing the administration's goal of affordability.
New regulations, policies, taxes, fees and mandates are the reason for the unexpected "rate shock," according to the House Energy and Commerce Committee, which released a report Monday based on internal documents provided by the insurance companies. The 17 companies include Aetna, Blue Cross Blue Shield and Kaiser Foundation.

The report found that individuals will face "premium increases of nearly 100 percent on average, with potential highs eclipsing 400 percent. Meanwhile, small businesses can expect average premium increases in the small group market of up to 50 percent, with potential highs over 100 percent." One company said that new participants in the individual market could see a premium increase of 413 percent when new requirements on age rating and required benefits are taken into account, said the report. "The average yearly cost for a new customer in the individual market grows from $1,896 to $3,708 -- a $1,812 cost increase," it added.
The key reasons for the surge in premiums include providing wider services than people are now paying for and adding less healthy people to the roles of insured, said the report.
It concluded: "Despite promises that the law will lower costs, [Obamacare] will in fact cause the premiums of many Americans to spike substantially. 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."

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Ken Shepherd | May 13, 2013 | 19:57
"Many small-business owners worry that a new tax on insurance providers in the health-care law will mean higher premiums for them, undermining the law's capacity to lower their health-care costs," Washington Post staff writer J.D. Harrison opened his 15-paragraph May 13 story, "Small-business owners dread impact of health insurance tax." The website headline was even starker: "Health insurance tax ‘scares the daylights’ out of some small-business owners."
Unfortunately for print edition, readers, Post editors buried this front-page-worthy article on page A15. Yes, today's front page was mostly populated with meaty, hard-news stories, but a large photo from last night's Capital-Rangers hockey game dominated the center of the page while London bureau chief Anthony Faiola's "Letter from Britain" feature, headlined, "Eurovision drought feels like a hard day's night," was published directly beneath that [see image following page break].

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