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Individual Health Plan Premiums Will Nearly Double, Says Ohio Dept. Of Insurance

06/13/13

  04:59:56 pm, by MedBen5   , 200 words,  
Categories: News, Health Plan Management

Individual Health Plan Premiums Will Nearly Double, Says Ohio Dept. Of Insurance

Avik Roy warns Ohioans covered under individual health plans to prepare for some serious sticker shock next year:

“Democrats continue to try to dismiss the evidence that Obamacare will dramatically increase the cost of insurance for people who buy it on their own. But on [June 6], the Ohio Department of Insurance announced that, based on the rates submitted by insurers to date, the average individual-market health insurance premium in 2014 will come in around $420, ‘representing an increase of 88 percent” relative to 2013. ‘We have warned of these increases,’ said Lt. Gov. Mary Taylor in a statement. ‘Consumers will have fewer choices and pay much higher premiums for their health insurance starting in 2014.’

“It’s called ‘rate shock,’ but it’s not shocking to people who understand the economics of health insurance. In August 2011, Milliman, one of the nation’s leading actuarial firms, predicted that Obamacare would increase individual-market premiums in Ohio by 55 to 85 percent. This past March, the Society of Actuaries projected that the law would increase premiums in that market by 81 percent. Like good players on ‘The Price is Right,’ they both came in just under the Dept. of Insurance’s figure.”

Read more at Forbes.com.

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