Obamacare Rate Hikes Confirmed by Obama Administration
The Obama administration has confirmed that 2017 will bring double-digit rate hikes to the controversial Obamacare healthcare program to the tune of an average of 25% for most of the 39 states in the federal online market. According to the Department of Health and Human Services, there are many states that will see an even bigger rate hike.
Also confirmed is the fact that 20% of consumers across the United States will have access to only one insurer due to a loss of regional markets that have gone under, and the exit of national carriers, such as Aetna, UnitedHealth, and Humana. Most have pulled out or scaled back their participation, leaving consumers with few options.
Although almost 10 million people are eligible for tax subsidies for free or reduced health care coverage, more than 7 million people who buy health insurance on HealthCare.gov will not be eligible for premium assistance based on current income-based requirements. Employer based programs may not see such drastic increases.
Experts also blame the complexity of the Obamacare internal systems, which has not stabilized premiums as promised.
Beginning November 1, 2016, consumers can apply for – or change- their health coverage during the open enrollment period, which runs until January 31, 2017. The fourth open enrollment period will be allowed to apply for the new “Simple Choice” option, which will offer coverage for basic services without a deductible.
It remains to be seen whether these increases – hitting at the heel of the upcoming election – will influence the vote.
View more information on Obamacare By State Here.