Are you ready at last for you and your average American family to get the $2,500 a year in savings President Obama promised you before he signed ♡bamaCare!!! into law?
Now bend over because he it comes:
IBD’s analysis covers one major metro area in each of the 37 states using the federally run HealthCare.gov. The biggest increases were in Anchorage, Alaska (46%), Nashville (35%) and Oklahoma City (32%). The cheapest bronze plan actually got a little cheaper in Chicago (-4%), Indianapolis (-3%) and Detroit (-2%).
Meanwhile, the cheapest available silver-plan premium in these 37 markets will rise 10.5% as the average deductible increases $257, or 7.6%, to $3,400.
In Columbia, S.C., the deductible for the cheapest silver plan will rise from $4,000 this year to a bronze-like $6,850, which is the maximum out-of-pocket expense allowed (for covered services) in 2016 under ObamaCare-compliant plans. Even still, the unsubsidized cost of the lowest-cost silver plan in the Columbia market will jump 18%. Some benefits are provided under the 2016 plan before the deductible is met, but not generally the expensive kind.
These data reflect the change in premiums before any government subsidy. So far, about 85% of those buying coverage via HealthCare.gov do get premium subsidies, but millions more buy the same ObamaCare-compliant plans off the exchange. If coverage gets too expensive for those who don’t get subsidies, more relatively young and healthy people in the middle class may opt out, leading to further premium hikes.
“Death Spiral” would make a great name for a punk band, but it’s no way to run collectivized health insurance.