Wednesday, March 27, 2013

Report: Double-Digit Jump in Some Insurance Premiums Under PPACA

A new report by the Society of Actuaries (SOA) estimates a rise in health insurance premiums for plans purchased in the individual marketplace after full implementation of the Patient Protection and Affordable Care Act. According to the SOA, consumers in only a handful of states will benefit and see lower health insurance premiums, while those in 43 states will experience double-digit percent increases ― as high as 80 percent more in Ohio and Wisconsin. The report projects Texans will pay 34 percent more than they pay now should Texas expand Medicaid and 27 percent more should Texas choose not to expand Medicaid.

The Obama administration expressed doubts about the report, saying the SOA estimates rely on flawed data and overestimate the number of uninsured Americans.

The study cites the addition of sicker people to health insurance pools as the main factor driving this premium increase. The report does not predict the same jump for Americans insured through an employer-sponsored health plan.

Read the full report.

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