ObamaCare Rates and Michigan
According to an article published in the Detroit Free Press those of you on Michigan’s Obamacare health insurance exchange can expect to see an average increase in your health insurance increase 17.3%.
Yes you read that correctly, an increase of 17.3%
To me that sounds directly opposite to what was sold to us at the time the Democrats were pushing this legislation. We were all told our insurance rates would decline and in fact President Obama promised us in a speech in Strongsville, Ohio, that the Affordable Care Act will reduce our health insurance premiums by "3,000%” and he told us many of us will see pay raises because of the savings by the companies.
Did you see your premiums reduced even 30%, did you receive a pay raise because of ObamaCare?
Currently there are about 345,000 Michiganders who will see their health insurance rates increased substantially. Also do not forget that these plans also have very high deductibles, some as high as $12,000 it is reported.
Michigan’s top insurance actuary, Kevin Dyke, was quoted in the article stating:
Until this year, Michigan had not had significant double-digit rate increases
The health insurance companies in Michigan say the rate increased reflect the high inflation of heath care costs and the money the insurance companies are losing every year due to ObamaCare.
Of the 14 health insurance companies in Michigan 10 are seeking increases exceeding 10%. These companies include:
- Priority Health which is proposing an average 13.9% increase
- Blue Cross Blue Shield of Michigan which is proposing an average 18.7% increase
- Health Alliance Plan which is proposing an average 16.8% increase
- Humana which is proposing an average 39.2% increase
Also you should know that in Michigan, 83% of all people who purchase their health insurance on the exchanges receive tax credit subsidies.
Those tax credit subsidies are paid for by the rest of us who do not receive government help when purchasing our health insurance and will also so rate increase.
Also senior who purchase Medigap will also be seeing big rate increase next year we are told.
Oh by the way if you do not purchase health insurance the penalty you will pay this year is $695 for an adult or 2.5% of household income, whichever is greater.
If a piece of law was sold to the American people on false promises, is the law truly legitimate anymore?
Let’s talk about this today on The Live with Renk Show which airs Monday through Friday 9 a.m. to noon. To let me know your thoughts during the show please call (269) 441-9595.
Or please feel free to start a discussion and write your thoughts in the comment section.