The Wall Street Journal is reporting today that Obamacare rates are about to shoot up, in some cases as much as 40%. The rate increases requested by insurance carriers vary state by state, but the overall picture is bad.
“In New Mexico, market leader Health Care Service Corp. is asking for an average jump of 51.6% in premiums for 2016,” the Journal reports. “The biggest insurer in Tennessee, BlueCross BlueShield of Tennessee, has requested an average 36.3% increase. In Maryland, market leader CareFirst BlueCross BlueShield wants to raise rates 30.4% across its products. Moda Health, the largest insurer on the Oregon health exchange, seeks an average boost of around 25%.”
Why? Because the young and healthy are not signing up for Obamacare, meaning the people who are covered under Obamacare are older and sicker and much more expensive for the insurance companies.
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