#Obamacare Increases Premiums by As Much As 305 Percent

http://parrottcpa.blogspot.com/2013/09/obamacare-increases-premiums-by-as-much.html

Obamacare Increases Premiums by As Much As 305 Percent

The numbers are finally out for Obamacare premiums and they look expensive. From Forbes (emphasis added):

“Based on a Manhattan Institute analysis of the HHS numbers, Obamacare will increase underlying insurance rates for younger men by an average of 97 to 99 percent, and for younger women by an average of 55 to 62 percent. Worst off is North Carolina, which will see individual-market rates triple for women, and quadruple for men.”

Young men in Nebraska will see the largest increase in their premiums, up 279 percent, for the bronze level plan. Young women in Nebraska will also see the largest increase, up 227 percent.

Some costs are even higher for 40-year-olds. In North Carolina, a 40-year-old man could see an increase of 305 percent and 288 percent in Nebraska. A 40-year-old woman will face increases over 200 percent in both North Carolina and Nebraska as well.

In dollar costs, the state with the lowest weighted average premium with the ACA is Minnesota at $144 and the highest weighted average premium is Wyoming $425.

But the bottom line from Avik Roy: Obamacare makes insurance more expensive.

“For months, we’ve heard about how Obamacare’s trillions in health care subsidies were going to save America from rate shock. It’s not true. If you shop for coverage on your own, you’re likely to see your rates go up, even after accounting for the impact of pre-existing conditions, even after accounting for the impact of subsidies.”

You can find the new premium rates for the 36 states on the federal exchange here

Rebecca Parrott Tatum, CPA

Parrott & Associates
(770) 292-0962
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About parrottcpa

Parrott & Associates, Certified Public Accountants Specializing In Business & Individual Taxes, Accounting & Payroll Located in Cumming, Georgia http://parrottcpa.com/
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