Obamacare Premium Hikes For Next Year Are Coming

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Posted: Aug 03, 2017 3:00 PM
Obamacare Premium Hikes For Next Year Are Coming

As Congress gets ready to skip town after Obamacare repeal failed to pass in the Senate last week, insurance companies have submitted premium increase estimates for next year and the only direction they're going is up. 

According to reporting from the Wall Street Journal, Obamacare premiums in some states will see an increase of at least 30 percent. 

Major health insurers in some states are seeking increases as high as 30% or more for premiums on 2018 Affordable Care Act plans, according to new federal data that provide the broadest view so far of the turmoil across exchanges as companies try to anticipate Trump administration policies.

Big insurers in Idaho, West Virginia, South Carolina, Iowa and Wyoming are seeking to raise premiums by averages close to 30% or more, according to preliminary rate requests published Tuesday by the U.S. Department of Health and Human Services. Major marketplace players in New Mexico, Tennessee, North Dakota and Hawaii indicated they were looking for average increases of 20% or more.

In other cases, insurers are looking for more limited premium increases for the suites of products they offer in individual states, reflecting the variety of situations in different markets. Health Care Service Corp., a huge exchange player in five states, filed for average increases including 8.3% in Oklahoma, 23.6% in Texas, and 16% in Illinois.

During an interview with Fox News Thursday, Budget Director Mick Mulvaney again stressed the importance of Congress repealing and replacing Obamacare.