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IPFS News Link • Obamacare

Obamacare Sticker Shock---Next Year's Rates Up 16% to 32% in First 2 States

• By Tyler Durden at ZeroHedge

As the Wall Street Journal reportsOregon and Virginia are the first two states to make insurers' premium proposals for 2017 public, and we are now able to see a glimpse of what will be coming regarding insurance premiums for next year[Spoiler alert: it's ugly]. While it is noted that some of the subsidies provided by the federal government will help the lowest income consumers cover the bill, based on what we have learned from Virginia and Oregon, a vast majority of individuals will be googling "sticky wages" soon, as they scramble to figure out how they're going to be able to afford such enormous increases.

Starting in Virginia, Anthem Inc and Carefirst BlueCross BlueShield are proposing 15.8% and 25% increases respectively. In Oregon, the increases are stunning to say the least. Providence Health Plan, currently the largest insurer for people buying coverage through the Oregon health exchange, is seeking an average increase of 29.6%. Not to be outdone,Moda Health Plan Inc, another large insurer for the state, is proposing a premium increase of 32.3% – this is after a 25% hike last year. For some context as to how out of control premium increases will be for those enrolled in Oregon, Kaiser Foundation Health Plan of the Northwest is asking for an increase of 14.5%, the second lowest percentage increase in the stateInsurers seeking double digit rate increases are citing higher than expected medical costs (just as we said) incurred by their enrollees as factors in their decisions.