Oct 30, 2017
Obamacare Continuing to Drive up Rates in 2018
Post by Geoff Holtzman
New information released today by the government shows that Obamacare will once again result in massive premium rate increases across the country.
Like this past year, when Obamacare drove up rates by an average of 22 percent, the increase will be 37 percent next year, according to the U.S. Department of Health and Human Services. These cost increases will hurt millions of Americans, especially those who earn too much to qualify for assistance through Obamacare.
Here’s a breakdown of the numbers you need to know.
- 37% – The average premium increase for the second-lowest cost silver plan, also called the benchmark plan. Last year, this premium increased 24%.
- $4,932 – The average annual premium for the benchmark plan for a 27-year old, up from $2,616 during Obamacare’s first year.
- 17% – The average premium increase for the lowest cost silver plan. Last year, this premium increased 27%.
- 45% – The average percent increase in Obamacare’s advance premium tax credit, which is rising from $382 to $555 and by 114% from PY14 ($259). Ever-growing subsidies are chasing skyrocketing premiums, pricing out middle-income Americans and turning Obamacare’s exchange into a de facto high-risk pool.
- 29% – The percent of enrollees who will have the option of only one health insurance issuer offering Obamacare exchange plans, up from 20% in 2017 and 2% in 2016.
- 55% – The percent of enrollees who will have the option of two or fewer health insurance issuers offering Obamacare exchange plans, up from 43% in 2016 and 14% in 2015.
- 8 – The number of entire states with only one issuer offering plans on the Obamacare exchange.
- 132 – The total number of state issuers for the upcoming plan year, down from 237 just two years ago.
From higher costs to fewer choices, today’s news is yet another painful reminder that Obamacare isn’t working and Congress must continue efforts to repeal it.
Click here to read the full report.