(Forbes) Last week the State of California–Covered California claimed that its version of ObamaCare health insurance exchange will actually reduce premiums:
“The rates submitted to ‘Covered California’ for the 2014 individual market ranged from two percent above to 29 percent below the 2013 average premium…This is a home run for consumers in every region of California…will benefit all Californians by making healthcare affordable, ” said Peter V. Lee, Executive Director, Covered California.
The data however that Lee released tells a different story–ObamaCare will in-fact increase individual market premiums in California by as much as 146%
These findings are in line to what were first being reported in January, when a survey was published by American Action Forum of major health insurers, representing a vast majority of covered individuals in the United States, illustrating that sticker shock in healthcare premiums await the relatively young and healthy in both the small and individual markets–the survey found that cost of premiums for this group will increase by 169% next year.
One of the most serious flaws with ObamaCare is the blizzard of new regulations and mandates that drive up the cost of insurance for people who buy it on their own–this problem will be especially acute when the law’s main provisions kick-in on the 01 January, 2014 leading many to worry about health insurance ‘rate shock.’
Earlier this week I wrote here that 3 major health insurance providers have decided to set out of ‘Covered California’ which should be a red flag to consumers in one of the largest markets in the nation of inherent problems with how ObamaCare will function.
Related: ObamaCare’s California ‘Home Run’ is Actually a Total Whiff
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