First Term of Obamacare Promises Fail to Manifest reports PKV Private Krankenversicherung Vergleich
Obama likely to re-up promises for second term
During his first campaign, President Obama promised that health care reform would “bring down premiums by $2,500 for the typical family” by the end of the first term.
With the first term nearly over, health insurance is not any cheaper. In fact, it has become more expensive. Premiums increased by an average of $3,065.
At the end of 2012, Mark Bertolini, CEO of Aetna, warned that many consumers would face “premium rate shock” with the advent of Obamacare's major insurance regulations in 2014. Bertolini stated that unsubsidized premiums would rise by anywhere from 20% to 50%, on average.
For some individuals, premiums were likely to double, according to the CEOs prediction. “We’re going to see some markets go up as much as 100 percent,” Bertolini told Bloomberg News.”
And Aetna was not the only company that forecasted higher premiums for health insurance. Blue Shield of California asked regulators to approve a premium increases as high as 20%. Obamacare's new regulations were one of the factors in the request. A spokesperson for the company stated that the new law “will bring a lot of volatility into the marketplace.
The situation is not a shock to those who have been paying attention to the Obamacare situation. When the health care bill was making its way through Congress, the Budget Office warned that premiums in the individual market were likely to increase by 10-13%.
The Obamacare defenders typically fall to the response that the law's subsidies will decrease the actual pay-out-of-pocket total for their insurance. That may not always be the case, however. Many individuals still pay more even after receiving generous subsidies that the law entitles them to. According to a report from Gruber, 59% of the individual market will end paying more after subsidies are accounted for.
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