'ObamaCare' Premium Hikes Coming In 2016, Up to 50 Percent Possible, Reports Suggest

‘ObamaCare’ Premium Hikes Coming In 2016, Up to 50 Percent Possible, Reports Suggest

“ObamaCare,” also known as the Affordable Care Act, has not seen the last of insurance premium hikes just yet. The Inquisitr reported last November that ObamaCare premium hikes were coming in 2015, as much 12 percent for some states. This prior report on ObamaCare’s premium hikes rang all too true for many people right at the start of 2014, as many Blue Cross / Blue Shield insurance card holders watched their insurance double or triple. According to CNNMoney, premium hikes under ObamaCare are about to skyrocket once again.

It would appear that the insured should expect ObamaCare plans to see double-digit premium hikes with some of them seeing a potential for 50 percent, and even 60 percent, hike. This report comes directly from the Centers for Medicare & Medicaid Services. Texas, Florida, Pennsylvania, Delaware, West Virginia, and North Carolina were specifically cited in the premium hikes under ObamaCare.

In Florida, United Healthcare wants to ObamaCare exchange premiums to hike up to 18 percent on average, whereas premiums outside of ObamaCare would go up 31 percent. However, premium hikes could skyrocket to 60 percent. Scott & White, a Texas based insurer, is seeking to hike premiums under the ObamaCare exchanges to 32 percent. A non-ObamaCare exchange plan under Humana would see premium hikes hit 30 percent.

Health Insurers cite the growth in doctor visits, lab work, and prescription filling as the a driver of the premium increases that they are requesting for and off the ObamaCare exchanges. Blue Cross Blue Shield of Pennsylvania, Delaware, and West Virginia stated that they were seeing a “great pent-up demand” for services since ObamaCare took effect. He also pointed out that ObamaCare exchange plan recipients use more healthcare than recipients in employer-based plans.

Blue Cross Blue Shield of North Carolina specifically cited emergency room visits, hospital in-patient care, and specialty drugs as the reason for their premium hikes under ObamaCare. Their premium hike were 26 percent.

According to David Axene, a fellow at the Sociert of Acturaries, many insurers had no clue how price their premiums under ObamaCare without any real data. In some instances, they may have set their prices too low because they underestimated the demand in 2014 and 2015.

Forbes reports that those under these steep premium hike under ObamaCare can seek an escape from the increase through choosing a different plan. However, they would then be subject to high deductibles instead of the double-digit premium increases.

Many ObamaCare critics would say that these premium hikes should come as no surprise in 2016, or 2015. Then again, these warning were not listen to then, so why would they be heard now.

What are your thoughts? Are you expecting double-digit increases to your health insurance? Is the Affordable Care Act Working?

Leave your thoughts below.

[Image Via Creative Commons]