Health Plan premiums are skyrocketing with the worst state being Delaware which shows a 100% increase. Most averaged an 11% increase according to a recent survey.
A survey by Morgan Stanley of 148 healthcare analysts who sell coverage in the individual and small group market revealed that they have seen the sharpest increases perhaps ever, certainly larger than the 12 prior quarterly periods.
Average increases are at least 11% in the small group market and 12% in the individual market. Some states have increases 10 to 50 times that amount. The “increases are largely due to changes under the ACA.”
The survey analysts say it is due to ObamaCare for these reasons: commercial underwriting restrictions; age bans which don’t allow insurers to vary premiums between young and old; excise taxes on insurance plans; and new benefit designs (maternity care for all for example).
They conducted a survey in January which showed rates rising in the fall of 2013 as well. The new increases came on top of the prior increases.
For the individual insurance market (plans sold directly to consumers); among the ten states seeing some of the sharpest average increases are: Delaware at 100%, New Hampshire 90%, Indiana 54%, California 53%, Connecticut 45%, Michigan 36%, Florida 37%, Georgia 29%, Kentucky 29%, and Pennsylvania 28%.
Read more at Forbes