Health Insurance Premiums Expected To Soar Under Obamacare

So much for controlling costs

Some Americans could see their insurance bills double next year as the health care overhaul law expands coverage to millions of people.

The nation's big health insurers say they expect premiums — or the cost for insurance coverage — to rise from 20 to 100 percent for millions of people due to changes that will occur when key provisions of the Affordable Care Act roll out in January 2014.

Mark Bertolini, CEO of Aetna Inc., one of the nation's largest insurers, calls the price hikes "premium rate shock."

"We've done all the math, we've shared it with all the regulators, we've shared it with all the people in Washington that need to see it, and I think it's a big concern," Bertolini said during the company's annual meeting with investors in December.

Comments

[Sevo]

The blame will not fall on Obozo, to the failure of justice.

[Cyto]

Holy crap! We already pay about a thousand a month for a high deductible plan, plus a $2,500 per person deductible before benefits kick in. And that's with somewhat weak drug coverage.

So they are talking about $20,000 /yr. plus maybe more than $10,000 in out of pocket expenses?

HMO style plans are north of $1,500 per month, plus $50 copays. So if it doubles we can call that $30,000 / yr. plus copays! Remind me again where the "affordable" part of the "affordable healthcare act" is?

[Adamsmith1776]

It is all the fault of greedy insurance excuctive millionaires and billionaires and George Bush and the radical republicans who will not close loopholes for millionaires and billionaires. And did I mention that the middle class is going to suffer just to benefit millionaires and billionaires, because if I did not, it was because I was temporarily brainwashed by millionaires and billionaires who want you to die a horrible death without insurnance just like Obama's mother who was denied coverage by millionaires and billionaires who are refusing to pay just a little bit more in their taxes to help people like you.

[Brian]

Really? No!!!!!

How could prices be going up? I mean, when you subsidize everyone to buy insurance, and penalize them, when they don't, that means they buy more insurance. Demand for insurance goes up. Are you telling me that price goes up when demand goes up? No!

How could the price of medicine go up? When you insure a bunch of people, and they start buying medicine, Demand for medicine goes up. Are you telling me that price goes up when demand goes up? No!

Who could have seen this coming? Clearly, this isn't a failure of the administration. After all, that's just fucking crazy economics. Maybe we need a freakanomics book to explain it or something.