 |
|
If anything beats the Chronically Disabled One, you'd
Posted on: September 12, 2016 at 08:21:27 CT
GA Tiger MU
Posts:
252400
Member For:
26.25 yrs
Level:
User
M.O.B. Votes:
0
think it would be this. We can only hope. For change.
Massive ObamaCare Rate Hikes Are A Good Thing, White House Says
This week Illinois' insurance regulator said ObamaCare premiums in the state will jump as high as 55%. The Obama administration's response to this and other news of massive rate hikes: Don't worry. Be happy.
Anyone shopping for ObamaCare coverage in Illinois this fall is in for a big shock. The average increase for cheap Bronze plans is likely 44%. It's 45% for the lowest-cost Silver plan, and 55% for the cheapest Gold plan.
These are the kinds of rate hikes individuals buying insurance will see across the country, as insurers who've suffered massive losses are getting huge double-digit premium increases approved by state regulators.
Fewer choices and higher costs are not what President Obama promised when he signed ObamaCare into law.
But now, in the face of this market meltdown, the Obama administration put out a report this week that says, if anything, massive rate hikes are good for ObamaCare enrollees.
Most enrollees, they say, won't even notice the rate hikes, because the ObamaCare subsidies will cover most of the additional premium costs. In fact, the report says, the subsidies are designed in such a way that the bigger the premium increase the better.
According to the report, this year 76% of enrollees could buy an ObamaCare plan for $100 a month or less.
If premiums were to go up 10% next year, the report says, 77% would be able to buy coverage for $100 or less. But if they shot up 50%, then even more — 80% -- could buy a plan for $100 or less a month.
The reason for this upside-down result is that the subsidy is based on the cost of the second-cheapest Silver plan in any given area. The higher the cost for that, the bigger the potential subsidy.
But this analysis leaves out two important groups: the taxpayers who must pay vastly increased subsidy costs, and the millions of people who aren't eligible for any ObamaCare subsidies.
Since subsidy money doesn't grow on trees, those huge rate increases will mean that ObamaCare costs far more than expected, which means taxpayers will have to fork over still more money to cover the subsidies.
More troubling, however, is the fact that the administration is completely ignoring the plight of those who buy plans on the individual market and aren't eligible for ObamaCare subsidies.
Of the 11.1 million who paid for coverage in an ObamaCare exchange this year, 1.7 million got zero help from ObamaCare, and an additional 700,000 or so get only minimal subsidies, which phase out as income rises.
What's more, there are nearly 8 million who bought individual plans outside the ObamaCare exchanges. These plans have to comply with all the same ObamaCare rules and regulations, but aren't eligible for any subsidies.
Add it all up and roughly half the individual market gets little or no help in the face of these massive, ObamaCare-induced premium hikes. Plus there are the tens of millions who are still uninsured, many of whom can't afford ObamaCare one way or another.
The Obama administration is shamefully ignoring the plight of millions of middle-class families.
Massive ObamaCare Rate Hikes Are A Good Thing, White House Says
This week Illinois' insurance regulator said ObamaCare premiums in the state will jump as high as 55%. The Obama administration's response to this and other news of massive rate hikes: Don't worry. Be happy.
Anyone shopping for ObamaCare coverage in Illinois this fall is in for a big shock. The average increase for cheap Bronze plans is likely 44%. It's 45% for the lowest-cost Silver plan, and 55% for the cheapest Gold plan.
These are the kinds of rate hikes individuals buying insurance will see across the country, as insurers who've suffered massive losses are getting huge double-digit premium increases approved by state regulators.
Fewer choices and higher costs are not what President Obama promised when he signed ObamaCare into law.
But now, in the face of this market meltdown, the Obama administration put out a report this week that says, if anything, massive rate hikes are good for ObamaCare enrollees.
Most enrollees, they say, won't even notice the rate hikes, because the ObamaCare subsidies will cover most of the additional premium costs. In fact, the report says, the subsidies are designed in such a way that the bigger the premium increase the better.
According to the report, this year 76% of enrollees could buy an ObamaCare plan for $100 a month or less.
If premiums were to go up 10% next year, the report says, 77% would be able to buy coverage for $100 or less. But if they shot up 50%, then even more — 80% -- could buy a plan for $100 or less a month.
The reason for this upside-down result is that the subsidy is based on the cost of the second-cheapest Silver plan in any given area. The higher the cost for that, the bigger the potential subsidy.
But this analysis leaves out two important groups: the taxpayers who must pay vastly increased subsidy costs, and the millions of people who aren't eligible for any ObamaCare subsidies.
Since subsidy money doesn't grow on trees, those huge rate increases will mean that ObamaCare costs far more than expected, which means taxpayers will have to fork over still more money to cover the subsidies.
More troubling, however, is the fact that the administration is completely ignoring the plight of those who buy plans on the individual market and aren't eligible for ObamaCare subsidies.
Of the 11.1 million who paid for coverage in an ObamaCare exchange this year, 1.7 million got zero help from ObamaCare, and an additional 700,000 or so get only minimal subsidies, which phase out as income rises.
What's more, there are nearly 8 million who bought individual plans outside the ObamaCare exchanges. These plans have to comply with all the same ObamaCare rules and regulations, but aren't eligible for any subsidies.
Add it all up and roughly half the individual market gets little or no help in the face of these massive, ObamaCare-induced premium hikes. Plus there are the tens of millions who are still uninsured, many of whom can't afford ObamaCare one way or another.
The Obama administration is shamefully ignoring the plight of millions of middle-class families.
Please explain why this message is being reported.
MESSAGE THREAD
If anything beats the Chronically Disabled One, you'd - GA Tiger MU - 9/12 08:21:27