Premium spike: Obamacare costs NH
Its short title is “the Affordable Care Act.” Being the work of Congress, naturally it has made health care less affordable.
The stunning news this week was that health insurance premiums in New Hampshire are up 90 percent under the Affordable Care Act, according to a regular survey of health insurance brokers by Morgan Stanley’s health care analysts. Dr. Scott Gottlieb, writing in Forbes, relayed that the Morgan Stanley team attributed the increase to four factors directly related to Obamacare: “the age bands that don’t allow insurers to vary premiums between young and old beneficiaries based on the actual costs of providing the coverage, the new excise taxes being levied on insurance plans, and new benefit designs.”
This was predicted. “Premiums are likely to keep going up even if the health-care bill passes, experts say,” reported the Associated Press in March of 2010, the week before Obama signed the bill into law.
NBC reported last week that premiums will rise an average of 97 to 99 percent for younger men and 55 to 62 percent for younger women, according to a Manhattan Institute analysis of data from the U.S. Department of Health and Human Services. HHS Secretary Kathleen Sebelius even admitted in testimony before the House Ways and Means Committee last month that premiums are rising.
In 2008, Obama said on the campaign trail that his health care plan would “lower premiums by up to $2,500 for a typical family per year.” Oops. No wonder the law was written to postpone its implementation until after the 2012 election.