Approved Obamacare Rate Hikes in 7 States Point Toward a 10%+ Premium Increase in 2017
Ready or not, in just a shade over two months enrollment for the Affordable Care Act’s fourth year will open. However, the 2017 enrollment season appears to be markedly different from the three preceding years.
The dynamics of Obamacare, as the ACA is more commonly known, have pushed some of the market’s largest players to the sidelines. UnitedHealth Group (NYSE: UNH) is reducing its coverage from 34 states in 2016 to just three in 2017, while Humana (NYSE: HUM) and Aetna (NYSE: AET), whose merger was thwarted Opens a New Window. by federal regulators, are reducing the number of counties they’ll be offering coverage in next year by a respective 88% and 69%. The result is the average consumer is likely to have far fewer plan choices in the upcoming year, which is expected to lead to a substantial rise in average premiums.
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Courtesy of ACASignUps.net, here are the average weighted increases for these seven states thus far. Note, “average weighted” refers to the average percentage increase in 2017 based on all current Obamacare enrollees within a state. Enrollment could obviously go up or down, and consumers could switch plans, which may alter the final average weightings when all is said and done.
– Kentucky: weighted average increase of 24.5%
– Oregon: 23.8%
– New York: 16.6%
– Mississippi: 15.8%
– Arkansas: 9.4%
– Vermont: 7%
– Rhode Island: 1.3%
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"Premiums are set to soar at the fastest pace we've witnessed premiums rise in more than a decade." #FullRepeal https://t.co/Yo4Rs5LzLc
— Ted Cruz (@tedcruz) August 28, 2016
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