Exasperated Health Insurers Warn Obamacare To Double Or Triple Monthly Premiums Over Next Year…
Remember when Obama promised “affordable healthcare”? Insurance premiums are looking to raise above the cost of a small mortgage for many middle class and working class families. Insurance officials are baffled by Kathleen Sebelius attempt to play with the real numbers and predictions of rising care costs.
The expected rate hikes will be announced in the coming months amid an intense election year, when control of the Senate is up for grabs. The sticker shock would likely bolster the GOP’s prospects in November and hamper ObamaCare insurance enrollment efforts in 2015.
The industry complaints come less than a week after Health and Human Services (HHS) Secretary Kathleen Sebelius sought to downplay concerns about rising premiums in the healthcare sector. She told lawmakers rates would increase in 2015 but grow more slowly than in the past.
“The increases are far less significant than what they were prior to the Affordable Care Act,” the secretary said in testimony before the House Ways and Means Committee.
Her comment baffled insurance officials, who said it runs counter to the industry’s consensus about next year.
“It’s pretty shortsighted because I think everybody knows that the way the exchange has rolled out … is going to lead to higher costs,” said one senior insurance executive who requested anonymity.
The insurance official, who hails from a populous swing state, said his company expects to triple its rates next year on the ObamaCare exchange.
“We’re exasperated,” said the senior insurance official. “All of these major delays on very significant portions of the law are going to change what it’s going to cost.”
“My gut tells me that, for some people, these increases will be significant,” said Bill Hoagland, a former executive at Cigna and current senior vice president at the Bipartisan Policy Center. Insurers will begin the process this spring by filing their rate proposals with state officials.
I wonder what implementation delay or law Obama will change to cover-up these increases until after the election. The sly summer of 2014 is about to begin and if you blink you might miss the slight of hand.
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