Nov 01, 2017
New Freedom Partners Map Illustrates Skyrocketing 2018 Premium Rate Hikes
Post by Geoff Holtzman
Arlington, VA – With Obamacare’s open enrollment period kicking off today, Freedom Partners is releasing a new embeddable heat map showing how individual market health insurance premiums are continuing to soar sharply in 2018.
CLICK ON THE MAP BELOW TO VIEW IT
Based on publicly available data, Americans who purchase coverage on their own will be forced to bear an average rate increase of more than 27 percent next year. That follows this past year’s average increase of 22 percent.
By comparison, average monthly individual plan premiums increased by a total of only 32 percent between 2005 and 2012, prior to Obamacare’s key provisions taking effect.
Freedom Partners Vice President of Policy Nathan Nascimento issued the following statement:
“These skyrocketing costs continue to show why Congress must fully repeal Obamacare and provide real relief. And it’s about time the government stopped fining people who can’t afford to buy these plans in the first place. This administration is showing that it is serious about expanding access to more affordable and flexible options – it’s time now for Congress to get serious, too.”
The following states will see the largest rate increases next year:
- Virginia (57%)
- Iowa (56.7%)
- Kentucky (48.6%)
- Wyoming (48.2%)
- Georgia (48.1%)
In Florida, over 335,000 marketplace plan holders could see their rates explode by as much as 71 percent. For roughly 21,000 customers in Virginia, that number is more than 81 percent. Meanwhile, close to 30,000 customers in Wisconsin are facing a 63 percent rate hike.
These cost increases represent a massive burden, especially for the estimated 10 million Americans who either earn too much to receive government subsidies through Obamacare to pay their premiums or purchase coverage outside of the law’s exchanges.
Background on our methodology:
HHS’s recent announcement of premium increases for 2018 was based on the change in costs for the second lowest-cost silver plan in 39 states.
Freedom Partners’ analysis is based on the unweighted average of all plans on the exchanges in which premium increases have been approved on the federal and state level.
All data is sourced through publicly available information found on ratereview.healthcare.gov and state insurance department websites. Statewide average premium increases were calculated using final approved carrier rate increases for individual, marketplace plans unless otherwise noted.