Health insurance providers participating in the New York State Obamacare exchange have requested premium hikes for 2015!
And, as many feared would be the case when promises of lower premiums through Obamacare were initially made, the double digit rate hikes requested by insurers in New York State will not be particularly good news for those consumers who need to be buying.
The Catch-22 for those same consumers will then be that if additional people decide not to buy insurance through the exchange due to the higher cost, then the resulting rate hike request for 2016 could be just as bad or worse!
These were the initial Obamacare promises made to the American people that, despite all of the good intentions,show why the private sector will almost always conduct business in a better, more efficient and profitable way than the government ever will.
“If you like your doctor, you will be able to keep your doctor. Period. If you like your health care plan, you will be able to keep your health care plan. Period. No one will take it away. No matter what.”
“We’re going to work with your employer to lower the cost of your premiums by up to $2,500 a year.”
If the rate hike requests are not approved, will some insurers then drop out of the market further compounding the situation for consumers?
From the New York Post:
‘Insurance firms participating in New York’s ObamaCare health exchange are seeking double-digit hikes for patient medical premiums in 2015, new figures reviewed by The Post reveal.
The average hike sought by insurers for individual plans is 12 percent—but a number of firms serving large numbers of patients want to boost individual premiums by nearly 20 percent.
Leading the charge is Excellus Health Plan, which is seeking to sock more than 24,000 customers with a 19.7 percent hike.
The even larger MVP Health Plan, with nearly 33,000 customers, is seeking a 19 percent boost…’ (Source)Google+