Obamacare Premiums for 2017 Jumped 25% on Healthcare.gov

by Reuters | Fortune
October 25, 2016

The average premium for benchmark 2017 Obamacare insurance plans sold on Healthcare.gov rose 25% compared with 2016, the U.S. government said on Monday, the biggest increase since the insurance first went on sale in 2013 for the following year.

The average monthly premium for the benchmark plan is rising to $302 from $242 in 2016, the Department of Health and Human Services said. The agency attributed the large increase to insurers adjusting their premiums to reflect two years of cost data that became available.

The government provides income-based subsidies to about 85% of people enrolled, and those credits will increase with the higher premiums. It said 72% of consumers on HealthCare.gov will find plans with a premium of less than $75 per month.

Large national insurers including Aetna AET -0.49% , UnitedHealth Group, and Anthem ANTM -0.09% have said they are losing money on the exchanges, created under President Barack Obama’s national healthcare reform law, because patient costs are higher than anticipated and enrollment is lower than forecast. Both UnitedHealth UNH -0.70% and Aetna have pulled out of the exchanges for 2017.

As a result, consumers will have fewer plans to choose from. In 2017, in five states there will be offerings from only one insurance company. The government expects average monthly 2017 enrollment of 11.4 million people, up about 1 million from 2016.

5 Comments - what are your thoughts?

  • justinwachin says:

    With each passing year the taxpayers are going to get stuck with a larger share of everyone’s health insurance. Barack Obama wasn’t content to double our nation’s debt during his time in office. He wanted to make sure the debt would keep rising in years to come.

    On election day we can chart a different path. We can elect someone who will bring a common sense approach to health care and many of our nation’s other problems. We can choose to stay on the Obama/Clinton path to failure or we can join President Trump in making America great again. I’m with Donald Trump.

  • Rodney Steward says:

    It’s going to plan, it was never meant to work, just waste a lot of money, hurt the American people and then eventually fail and then it turns to a one payer system, a totally Gov. run system, just like the REST of the world!!

  • Roy Fredrichsen says:

    AND O’Bummer had the audacity to call it “Affordable Care Act”. When he gave it to the I.R.S. to collect “premiums” I was convinced it was just like Al Capones “protection” racket. All it did was raise the costs of medical care and prescriptions. what you paid $10 for BEFORE ACA, it now cost you $30. The excuse is making back their research costs. (How many times over?)

  • Dan says:

    Something about referring to the people as “consumers” for an intangible mandated boondoggle bothers me.

    1. Roy Fredrichsen says:

      Yeh! And they wanted to Fine you if you didn’t buy it. Do you believe all that crap about keeping your doctor?

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