This week Illinois' insurance regulator said ObamaCare premiums in the state will jump as high as 55%. The Obama administration's response to this and other news of massive rate hikes: Don't worry. Be happy.
Anyone shopping for ObamaCare coverage in Illinois this fall is in for a big shock. The average increase for cheap Bronze plans is likely 44%. It's 45% for the lowest-cost Silver plan, and 55% for the cheapest Gold plan.
These are the kinds of rate hikes individuals buying insurance will see across the country, as insurers who've suffered massive losses are getting huge double-digit premium increases approved by state regulators.
Fewer choices and higher costs are not what President Obama promised when he signed ObamaCare into law.
But now, in the face of this market meltdown, the Obama administration put out a report this week that says, if anything, massive rate hikes are good for ObamaCare enrollees.
Most enrollees, they say, won't even notice the rate hikes, because the ObamaCare subsidies will cover most of the additional premium costs. In fact, the report says, the subsidies are designed in such a way that the bigger the premium increase the better.
According to the report, this year 76% of enrollees could buy an ObamaCare plan for $100 a month or less.
If premiums were to go up 10% next year, the report says, 77% would be able to buy coverage for $100 or less. But if they shot up 50%, then even more — 80% -- could buy a plan for $100 or less a month.
The reason for this upside-down result is that the subsidy is based on the cost of the second-cheapest Silver plan in any given area. The higher the cost for that, the bigger the potential subsidy.
But this analysis leaves out two important groups: the taxpayers who must pay vastly increased subsidy costs, and the millions of people who aren't eligible for any ObamaCare subsidies.
Since subsidy money doesn't grow on trees, those huge rate increases will mean that ObamaCare costs far more than expected, which means taxpayers will have to fork over still more money to cover the subsidies.
Soon very soon the docs will be exposed, Obama Care, was founded by London England, thats why it was ruled a Tax.
Americans are being Taxed by England and now the UN is taking it over, so the UK voted to leave the EU Union, because they want to tax the Queen.
TPP’s Founder & CEO to be given an OBE
Frank Hester: http://www.tpp-uk.com/latest-news-stories/tpps-founder-ceo-to-be-gi...
The Cabinet Office announced today that TPP’s Founder & CEO, Frank Hester, has been named on the Queen’s New Year’s Honours List. The list, which recognises the service and achievements of ordinary people across the UK, is announced every year just before New Year’s Eve. Early in 2015, Frank will be awarded with an OBE (Order of the British Empire), for his services to healthcare. Awards are usually presented by a member of the Royal Family at a formal ceremony.
January 5, 2015- http://www.tpp-uk.com/
I mean really; does anyone really think that these were suppose to be jokes? He's flaunting it in our face.
All of this White House "low-premium, big-subsidy logic" is total BS if you have a $5000 "pay-first deductible". Just ask anyone who has one.
I don't know anyone who could afford to pay out a $5k to $6k deductible. insane/hussian has succeded in tearing down the USA into one big Detroit ghetto. I have not seen anything positive out of the dc regime this past 7 and one half years.
TO TOP IT OFF HOW IS THIS PRIVATE WHEN THOSE ALL AROUND THE WORLD HAVE ACCESS TO IT !! YOUR RECORDS !! THEY OWN AND THEY HAVE ACCESS ALSO !!!!! HOW LONG DOES IT GO TILL OTHERS AROUND THE WORLD DECIDE IF YOU GET MEDICAL ATTENTION OR NOT ?????? THEY LIED ALL THE WAY = OUR GOVT !!!!!!!!! BUT WE KEEP PAYING = SUPREME COURT SAID !!!!!!!!!!!
Those subsidy dollars are OUR TAX DOLLARS. Bet many of you, as I am, are forgoing some of the specialists and tests that are recommended because of the costs. This is because we are paying for everybody elses insurance.
YES VERY TRUE !! ILLEGALS AND WELFARE !!
Get rid of the affordable care act! Like the POS, it's a scam!
As I've said from the start, AFFORDABLE BY WHOM?!
this just totally sucks....Obama you Stink