Obamacare is worse than a train wreck. Actually, that gives train wrecks a bad name. At least in a train wreck the train is literally stopped in its tracks and the damage is limited. In the case of Obamacare, the wreckage will be spread far and wide. They’re going to find that out in Ohio soon enough.
Democrats continue to try to dismiss the evidence that Obamacare will dramatically increase the cost of insurance for people who buy it on their own. But on Thursday, the Ohio Department of Insurance announced that, based on the rates submitted by insurers to date, the average individual-market health insurance premium in 2014 will come in around $420, “representing an increase of 88 percent” relative to 2013. “We have warned of these increases,” said Lt. Gov. Mary Taylor in a statement. “Consumers will have fewer choices and pay much higher premiums for their health insurance starting in 2014.”
So, why are prices skyrocketing? If you think it’s is primarily due to insuring the previously uninsured and unhealthy you would be wrong. That’s only part of the problem. The bigger part is all of the coverage mandates.
This is a significant concept to understand. Some people have the impression that the main reason that rates are going up under Obamacare is because of the law’s requirement that insurers cover people with pre-existing conditions. But that accounts for only a fraction—around a quarter—of the rate hike. The rest comes from all the other things that Obamacare does, such as forcing people to buy richer insurance benefits; to buy products with all sorts of add-ons they might not need; to pay Obamacare’s premium tax; and to pay a lot more, if they’re young, to subsidize older individuals. (Read More)
Don’t think this rate hikes are going to be limited to Ohio. It’s going to be everywhere. Just take a look at the chart Doug Ross posted for an historical guide.
I don’t know what’s worse, the skyrocketing costs of health premiums, or the fact the the IRS is going to be the enforcer of this dreadful law. It’s the stuff of nightmares, but it’s reality.