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CA health insur. rates to rise 64%-146%


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#1    Merc14

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Posted 31 May 2013 - 01:44 PM

As reported by Forbes, after carefully parsing teh data and shovelling away the BS sees sticker shock comingto the good democrats of CA.

Rate Shock: In California, Obamacare to Increase Individual Health Insurance Premiums by 64-146%

  Avik Roy, Contributor

Whole article here: http://www.forbes.co...iums-by-64-146/

One of the most serious flaws with Obamacare is that its blizzard of regulations and mandates drives up the cost of insurance for people who buy it on their own. This problem will be especially acute when the law’s main provisions kick in on January 1, 2014, leading many to worry about health insurance “rate shock.”

Last week, the state of California claimed that its version of Obamacare’s health insurance exchange would actually reduce premiums. “These rates are way below the worst-case gloom-and-doom scenarios we have heard,” boasted Peter Lee, executive director of the California exchange.

But the data that Lee released tells a different story: Obamacare, in fact, will increase individual-market premiums in California by as much as 146 percent.

Lee’s claims that there won’t be rate shock in California were repeated uncritically in some quarters. “Despite the political naysayers,” writes my Forbes colleague Rick Ungar, “the healthcare exchange concept appears to be working very well indeed in states like California.” A bit more analysis would have prevented Rick from falling for California’s sleight-of-hand.

Here’s what happened. Last week, Covered California—the name for the state’s Obamacare-compatible insurance exchange—released the rates that Californians will have to pay to enroll in the exchange. “The rates submitted to Covered California for the 2014 individual market,” the state said in a press release, “ranged from two percent above to 29 percent below the 2013 average premium for small employer plans in California’s most populous regions.”

That’s the sentence that led to all of the triumphant commentary from the left. “This is a home run for consumers in every region of California,” exulted Peter Lee.

Except that Lee was making a misleading comparison. He was comparing apples—the plans that Californians buy today for themselves in a robust individual market—and oranges—the highly regulated plans that small employers purchase for their workers as a group. The difference is critical.

Obamacare to double individual-market premiums
If you’re a 25 year old male non-smoker, buying insurance for yourself, the cheapest plan on Obamacare’s exchanges is the catastrophic plan, which costs an average of $184 a month. (That’s the median monthly premium across California’s 19 insurance rating regions.)

The next cheapest plan, the “bronze” comprehensive plan, costs $205 a month. But in 2013, on eHealthInsurance.com (NASDAQ:EHTH), the average cost of the five cheapest plans was only $92. In other words, for the average 25-year-old male non-smoking Californian, Obamacare will drive premiums up by between 100 and 123 percent.

Under Obamacare, only people under the age of 30 can participate in the slightly cheaper catastrophic plan. So if you’re 40, your cheapest option is the bronze plan. In California, the median price of a bronze plan for a 40-year-old male non-smoker will be $261. But on eHealthInsurance, the average cost of the five cheapest plans was $121. That is, Obamacare will increase individual-market premiums by an average of 116 percent.

More here:http://www.forbes.com/sites/theapothecary/2013/05/30/rate-shock-in-california-obamacare-to-increase-individual-insurance-premiums-by-64-146/

Nice midterms democrats.  As Pelosi says, "Embrace the suck".

#2    Dark_Grey

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Posted 31 May 2013 - 02:16 PM

Are they honestly trying to bankrupt people? I don't understand the thinking behind the Obamacare plan...

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#3    Kowalski

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Posted 31 May 2013 - 02:27 PM

View PostMerc14, on 31 May 2013 - 01:44 PM, said:

As reported by Forbes, after carefully parsing teh data and shovelling away the BS sees sticker shock comingto the good democrats of CA.

Rate Shock: In California, Obamacare to Increase Individual Health Insurance Premiums by 64-146%

  Avik Roy, Contributor

Whole article here: http://www.forbes.co...iums-by-64-146/

One of the most serious flaws with Obamacare is that its blizzard of regulations and mandates drives up the cost of insurance for people who buy it on their own. This problem will be especially acute when the law’s main provisions kick in on January 1, 2014, leading many to worry about health insurance “rate shock.”

Last week, the state of California claimed that its version of Obamacare’s health insurance exchange would actually reduce premiums. “These rates are way below the worst-case gloom-and-doom scenarios we have heard,” boasted Peter Lee, executive director of the California exchange.

But the data that Lee released tells a different story: Obamacare, in fact, will increase individual-market premiums in California by as much as 146 percent.

Lee’s claims that there won’t be rate shock in California were repeated uncritically in some quarters. “Despite the political naysayers,” writes my Forbes colleague Rick Ungar, “the healthcare exchange concept appears to be working very well indeed in states like California.” A bit more analysis would have prevented Rick from falling for California’s sleight-of-hand.

Here’s what happened. Last week, Covered California—the name for the state’s Obamacare-compatible insurance exchange—released the rates that Californians will have to pay to enroll in the exchange. “The rates submitted to Covered California for the 2014 individual market,” the state said in a press release, “ranged from two percent above to 29 percent below the 2013 average premium for small employer plans in California’s most populous regions.”

That’s the sentence that led to all of the triumphant commentary from the left. “This is a home run for consumers in every region of California,” exulted Peter Lee.

Except that Lee was making a misleading comparison. He was comparing apples—the plans that Californians buy today for themselves in a robust individual market—and oranges—the highly regulated plans that small employers purchase for their workers as a group. The difference is critical.

Obamacare to double individual-market premiums
If you’re a 25 year old male non-smoker, buying insurance for yourself, the cheapest plan on Obamacare’s exchanges is the catastrophic plan, which costs an average of $184 a month. (That’s the median monthly premium across California’s 19 insurance rating regions.)

The next cheapest plan, the “bronze” comprehensive plan, costs $205 a month. But in 2013, on eHealthInsurance.com (NASDAQ:EHTH), the average cost of the five cheapest plans was only $92. In other words, for the average 25-year-old male non-smoking Californian, Obamacare will drive premiums up by between 100 and 123 percent.

Under Obamacare, only people under the age of 30 can participate in the slightly cheaper catastrophic plan. So if you’re 40, your cheapest option is the bronze plan. In California, the median price of a bronze plan for a 40-year-old male non-smoker will be $261. But on eHealthInsurance, the average cost of the five cheapest plans was $121. That is, Obamacare will increase individual-market premiums by an average of 116 percent.

More here:http://www.forbes.com/sites/theapothecary/2013/05/30/rate-shock-in-california-obamacare-to-increase-individual-insurance-premiums-by-64-146/

After checking out a couple of other stories on Forbes such as this one:

Aetna CEO Bertolini: Get Ready for 'Rate Shock' as Some Health Insurance Premiums to Double in 2014

Check out: http://www.forbes.co...double-in-2014/

And this one....

How Obamacare Dramatically Increases The Cost of Insurance for Young Workers

Check out: http://www.forbes.co...-young-workers/


Makes me sick to my stomach....What are people going to do??


#4    darkmoonlady

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Posted 31 May 2013 - 02:30 PM

What that article failed to mention was that only a tiny fraction of people are getting the "perfect health" premium coverage price now. The majority of people are paying much much more already depending on age, health history etc, and those that won't get coverage if they have pre existing conditions. The Obama initiative seeks to include those who previously would have been turned down by insurance. There is also better coverage for those who already have insurance, if you read the comments some people have seen their policies now covering wellness care that never did before. You also have to realize that a Forbes article is driven by the big business side of HMO's and other large health insurance corporations who will do anything to get rid of Obamacare. Look at the car insurance coverage when it was required you carry coverage in California. I used to live there and I read similar articles that it would skyrocket premiums but instead it brought down the prices.

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#5    Kowalski

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Posted 31 May 2013 - 02:31 PM

View PostDark_Grey, on 31 May 2013 - 02:16 PM, said:

Are they honestly trying to bankrupt people? I don't understand the thinking behind the Obamacare plan...

I don't know, but I'm concerned. I don't know what people are going to do, especially those who are living paycheck to paycheck (like most people in America). This is going to get bad, if it doesn't get repealed....


#6    Ashotep

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Posted 31 May 2013 - 02:32 PM

When hospitals, insurance companies and doctors are making millions of course they are going to go up.  They always have went up.  I'm not sure if Obamacare hasn't just been an excuse.

http://www.cbsnews.c...et-a-tax-break/


#7    Dark_Grey

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Posted 31 May 2013 - 02:42 PM

Can someone break this down for me? I'm assuming a lot of Americans won't be able to (comfortably) afford Obamacare. Given that the administration must have known this, why drive another nail into the financial coffin? Are there legitimately good intentions behind this?? :no:

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#8    Heaven Is A Halfpipe

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Posted 31 May 2013 - 02:55 PM

View PostDark_Grey, on 31 May 2013 - 02:42 PM, said:

Can someone break this down for me? I'm assuming a lot of Americans won't be able to (comfortably) afford Obamacare. Given that the administration must have known this, why drive another nail into the financial coffin? Are there legitimately good intentions behind this?? :no:

I could be wrong about this...but isn't Obamacare supposed to be the American equivalent of the British NHS? So everybody has access to healthcare...

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#9    and then

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Posted 31 May 2013 - 02:59 PM

View PostDark_Grey, on 31 May 2013 - 02:16 PM, said:

Are they honestly trying to bankrupt people? I don't understand the thinking behind the Obamacare plan...
It was sold as a panacea and people screamed bloody murder but it passed anyway.  I believe that Obama accepted this particular plan KNOWING that it would collapse under it's own bureau weight and then government backed single payer would be the only option for the average man.

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#10    and then

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Posted 31 May 2013 - 03:06 PM

View PostHeaven Is A Halfpipe, on 31 May 2013 - 02:55 PM, said:

I could be wrong about this...but isn't Obamacare supposed to be the American equivalent of the British NHS? So everybody has access to healthcare...
Actually, Spike, the "single payer" option that was defeated was the equivalent of NHS - or so I'm told.  This kind of plan is what Obama wants and by accepting this monstrously complex health care deal he knew he could guarantee it's failure and then have "single payer".  I worked as a MRI technologist for a decade so I know a little about the field.  The system definitely needs radical change but forcing middle class people into bankruptcy so that poor people can have (substandard) coverage makes no sense to me.  And no offense intended to our British friends here at UM but didn't I see Eldorado posting a story about 11 hundred people STARVING TO DEATH in government hospitals?  This seems to say that your system is massively understaffed at the least.  I cannot believe that UK healthcare workers are less competent or compassionate than American healthcare workers.  So the only other option I see is that they simply have too large a patient load.  It boggles the mind that a hospital bound person could be so ignored for long enough to die of starvation - there must be more to the story...

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#11    Dark_Grey

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Posted 31 May 2013 - 03:07 PM

View Postand then, on 31 May 2013 - 02:59 PM, said:

It was sold as a panacea and people screamed bloody murder but it passed anyway.  I believe that Obama accepted this particular plan KNOWING that it would collapse under it's own bureau weight and then government backed single payer would be the only option for the average man.

Being dependent on government handouts is a scary position to be in..

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#12    Heaven Is A Halfpipe

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Posted 31 May 2013 - 03:12 PM

View Postand then, on 31 May 2013 - 03:06 PM, said:

Actually, Spike, the "single payer" option that was defeated was the equivalent of NHS - or so I'm told.  This kind of plan is what Obama wants and by accepting this monstrously complex health care deal he knew he could guarantee it's failure and then have "single payer".  I worked as a MRI technologist for a decade so I know a little about the field.  The system definitely needs radical change but forcing middle class people into bankruptcy so that poor people can have (substandard) coverage makes no sense to me.  And no offense intended to our British friends here at UM but didn't I see Eldorado posting a story about 11 hundred people STARVING TO DEATH in government hospitals?  This seems to say that your system is massively understaffed at the least.  I cannot believe that UK healthcare workers are less competent or compassionate than American healthcare workers.  So the only other option I see is that they simply have too large a patient load.  It boggles the mind that a hospital bound person could be so ignored for long enough to die of starvation - there must be more to the story...

Britain's healthcare system is ranked (vastly) above America's by the World Health Organisation. There's good and bad in everything but sorry to say British healthcare does rank above American. That's a cold hard fact.

I highly doubt Obamacare would bankrupt anyone. Are you trying to say poor people shouldn't be entitled to healthcare so your middle class families can have the swimming pool and 3 cars in the drive?

Edited by Heaven Is A Halfpipe, 31 May 2013 - 03:13 PM.

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#13    Capt Amerika

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Posted 31 May 2013 - 03:25 PM

When the govt says that every single person WILL buy insurance, where is the incentive for the insurance companies to lower their premiums?
My rates have already increased $60, not a lot in the big scheme of things but it increased none the less.
Thought it was supposed to bring costs down?
Now, my costs are about to climb again and we havent even started officially allowing people to use "Obamacare"
So i have effectively paid extra for services i havent even needed.


#14    Capt Amerika

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Posted 31 May 2013 - 03:27 PM

View PostHeaven Is A Halfpipe, on 31 May 2013 - 03:12 PM, said:


Are you trying to say poor people shouldn't be entitled to healthcare so your middle class families can have the swimming pool and 3 cars in the drive?

Yes!
As a matter of fact i am!
Why should i forfeit my earnings to give to people who couldnt be bothered to get an education and or a skill and go forth and earn their own way through life?
why should i have sat through 4 years of college to help support a person who decided High School wasnt worth the time or effort?


#15    Capt Amerika

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Posted 31 May 2013 - 03:28 PM

View PostHeaven Is A Halfpipe, on 31 May 2013 - 02:55 PM, said:

I could be wrong about this...but isn't Obamacare supposed to be the American equivalent of the British NHS? So everybody has access to healthcare...

Everybody does have access to healthcare.
They just need to make it a point to buy it.
Maybe shut off the cable TV and the $120 a month data plans for their phones.
Sometimes you have to make choices.





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