Insurance companies are raising their premiums in response to Obamacare

WINTERY KNIGHT

This story is from Investors Business Daily.

Excerpt:

We pointed out that several states had already tried these “guaranteed issue” and “community rating” reforms, and they’d been a disaster. Higher premiums encouraged the young and healthy to forgo insurance, knowing that they could sign up after they got sick, which drove premiums still higher.

ObamaCare was supposed to avoid this fate by heavily subsidizing insurance premiums and imposing a tax penalty for going uninsured, to get the young and healthy to sign up and keep premiums down.

But when IBD’s Jed Graham looked at the limited number of filings two weeks ago, he noted that insurers were asking for hikes that averaged 18.6%. And as more rate filings became public, that picture hasn’t changed.

In Virginia, for example, just one plan came in with a proposed rate increase below 10%. Three are above 25%. In Texas, Scott & White…

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