RIPOFF: Obamacare Caused Insurance Rates to Go Up By 50% On Average

06 Apr, 2015 by Warner Todd Huston

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Remember how Barack Obama claimed that all our insurance rates would go down? Heck, at one point he even claimed he’d save Americans $2,500 a year. Well, it turns out that his Obamacare law caused expenses to soar by over 50% on average and for some more than that. Yes, Obama lied again.

Here are some examples of Obama claiming that insurance rates would go down for most Americans with his Obamacare law…

Well, apparently this is yet another major Obamacare lie. In fact, almost no one has found lower insurance rates. On the contrary, premiums have soared in costs and they continue to rise.

It’s been five years since the Affordable Care Act became law, but only two since most of its provisions went into effect.

As its detractors predicted, Obamacare’s implementation led to a large, immediate rise in health insurance premiums. This is hardly surprising: The law required that a broad swath of treatments be fully insured, thus deepening the moral hazard problems that have long plagued the American health insurance system.

Heritage Foundation microsimulation analysis of the 2015 health insurance offerings on the ACA exchanges found that the sharp 2014 price spike was not reversed.

The average health insurance premium rose by 5 percent this year, much higher than the rate of inflation. But that increase is modest compared to the massive increase in non-group health insurance rates in 2014, which was around 50 percent on average, with some consumers facing much worse rate jumps.

This on top of the fact that Obama was given the 2013 Lie of the Year Award for his Obamacare con job.