Jun 13, 2017
Obamacare’s High Costs Force Two Million Americans to Drop Their Coverage
Post by Geoff Holtzman
The Centers for Medicare and Medicaid Services (CMS) has released data showing that almost two million Americans this year have essentially dropped the coverage they previously signed up for through Obamacare’s exchanges.
“Consumers are sending a clear message that cost and affordability are major factors in their decision to cancel or terminate coverage,” said CMS Administrator Seema Verma.
Obamacare’s high costs are widely known, with average premium rates for individual plans through Obamacare exploding this year by 25 percent. Contrary to claims from Obamacare supporters, these cost spikes aren’t simply a one-time phenomenon brought on by efforts to repeal the law. A recent government report found that Obamacare has caused average monthly premiums for individual market plans to double since 2013.
Obamacare’s higher costs are also hurting those with coverage outside of the law’s exchanges. According to the Kaiser Family Foundation, single coverage deductibles in the employer-sponsored market ballooned 89% from 2010 to 2016, while total annual individual premiums rose 27% over the same period.
Fortunately, there’s a solution to help those suffering under Obamacare. As Freedom Partners Vice President of Policy Nathan Nascimento recently explained in U.S. News and World Report, “eliminating Obamacare, including its costly regulations and mandates, is the way to lower costs of health insurance premiums.”
“Congress and the Trump administration should repeal the failing law and pass targeted solutions that deliver relief to millions of Americans,” Nascimento added.