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Monday, June 10, 2013

Ohioans Facing 88% Rate Increase for Health Insurance

Thanks to Obamacare Ohioans can expect an 88% increase in the cost of health insurance. In Ohio, the state insurance department said, the average premium for an individual healthcare policy will likely rise from $223 per month to $420. The cheapest insurance with federally mandated coverage many people won't want will be $280 per month.
“We have warned of these increases since a state-specific study in 2011 indicated Ohio would be significantly impacted by the ACA,” Lt. Gov. Mary Taylor said.  “The Department’s initial analysis of the proposed rates show consumers will have fewer choices and pay much higher premiums for their health insurance starting in 2014.”
Speaker John Boehner quickly pounced on the news.
"The president sold his health care law to Ohioans as a way to bring down costs, but instead, many will pay nearly $200 extra every month while also paying higher taxes. It’s unfair to struggling families and taxpayers, and it’s another reason why we have to repeal this law and focus on patient-centered reforms that will actually lower health care costs and protect jobs."
In an economy so weak that higher gasoline prices retard economic growth the effect of reducing every individual's spending power by $2400 per year may spell depression. Yes, some will be eligible for premium subsidies but the overall effect is aptly called a train wreck.

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