Finalized rates rolled out for Obamacare this week, and it’s not good news.
“Market leaders that are continuing to sell coverage through HealthCare.gov or a state equivalent have been granted average premium increases of 30% or more in Alabama, Delaware, Hawaii, Kansas, Mississippi and Texas, according to information published by state regulators.
In states including Arizona, Illinois, Montana, Oklahoma, Pennsylvania and Tennessee, the approved rate increases for the market leader top 50%.
In New Mexico, the Blue Cross Blue Shield plan agreed to resume selling plans through the online exchanges after sitting out last year, but has been allowed to increase rates 93% on their 2015 level.
Insurers had warned of a turbulent year as they came to terms with the impact of sicker people rushing forward to buy insurance under new rules that required them to accept all buyers regardless of their medical history. A number of popular plans have folded, such as the “cooperative” startups funded by the law, sparking an exodus of their members onto the remaining insurers.
The danger for insurers and supporters of the law now is that high prices and limited choices further deter low-risk people from signing up, and that the increases continue and become irreversible.”