We always knew it was going to be bad. But today’s “ObamaCare Rate Shocker” is even worse than you might have expected.
Lost amidst the Kermit Gosnell trial, Benghazi-gate, and IRS inquisitions is a damning new report released by the House Energy and Commerce Committee documenting staggering new costs at the dawn of ObamaCare.
The report was based on the internal documents of the biggest health insurance providers in the country, which “reveal the health care law’s policies, mandates, taxes, and fees will cause major premium increases for consumers in the individual, small group and large group markets.”
The report goes on to…
“…[chronicle] the massive premium increases awaiting Americans when full implementation of the PPACA occurs in eight months, definitively contradicting the promise that the law will lower costs. As this report demonstrates, consumers purchasing health insurance on the individual market may 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.”
I don't pretend to be an expert on insurance premiums. However, I’m male, I'm in good health, and I’m under the age of 35—which means I'll probably experience the steepest sticker shock. This is bound to accelerate my learning curve.
My colleague, Josh Withrow, highlights the following details:
- “The average yearly cost for a new customer in the individual market grows from $1,896 to $3,708 -- a $1,812 cost increase.”
- "Individuals keeping their current insurance will see an average premium increase of 73%"
- "A smaller number of individuals “could see increases of as much as 413 percent.”
- "The rate for a young, healthy male (theoretically the cheapest to insure) will increase by as much as 180%."
So, yeah, to paraphrase the president, I like my health care plan, so I can keep my health care plan. It'll just cost twice as much.