The new year will see a skyhigh increase in premiums for the most popular Obamacare plans with some rising as much as 34 percent.
As President Trump has repeatedly warned about the “imploding” health plan, the Affordable Care Act is set to see an increase in premiums in 2018. Mid-level, or silver, plans sold on the federal insurance marketplace will be rising at least 34 percent in 2018, according to an analysis by Avalere Health released Wednesday, CNBC reported.
Fox News contributor Stephen Miller noted the shocking premium increase, in a tweet on Thursday.
Nailed it pic.twitter.com/cDvnD6GNmO
— Stephen Miller (@redsteeze) October 26, 2017
He noted that the CBO predicted in 2015 that premiums were only projected to rise 8.5% a year for 2016-18. “Just a bit outside” projections.
Obamacare silver plans, considered a benchmark plan for those signing up for health insurance, make up more than 70 percent of the purchases by customers who buy coverage on government-run health exchanges, CNBC reported.
Premiums for bronze, gold and platinum plans will rise, on average, 18, 16 and 24 percent, respectively according to the analysis by Avalere Health. The study found that the premium increases could be the result of uncertainty over the future of Obamacare and lower-than-anticipated enrollment in these plans.
“Plans are raising premiums in 2018 to account for market uncertainty and the federal government’s failure to pay for cost-sharing reductions,” Caroline Pearson, senior vice president at Avalere, said in a statement, according to The Hill. “These premium increases may allow insurers to remain in the market and enrollees in all regions to have access to coverage.”
More than 80 percent of those enrolled will avoid the premium increase because their payments are subsidized by the federal government. But those who don’t qualify for the subsidies will be hit the hardest with the price increase.
The price hikes could also be the result of Trump ending the cost-sharing reduction payments which causes the price of premiums to go up.
Trump placed the blame for increasing premiums squarely on Democrats.
The increases vary by state with the highest at 69 percent in Iowa, where “someone who was paying $593 per month for a silver plan this year will be faced with a $1,001 per month premium in 2018,” according to CNBC.
Wyoming has seen a 65 percent increase and Utah, 64 percent. In New Hampshire, a customer paying $462 per month for their silver plan in 2017, will be paying $694 per month next year.
Democrats have slammed the president for canceling the subsidies but a federal judge, appointed by Obama, ruled Wednesday against a coalition of Democratic states attorneys suing to force Trump to keep the payments going.
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