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September 18, 2010
As Predicted: Health Insurance Becomes More Expensive Under ObamaCare
Not a surprise for anyone who knows the first thing about economics. For Democrats, however, this is probably unexpected.
The Connecticut Department of Insurance approved Anthemís request without changes, including a boost of as much as 22.9 percent just to comply with one provision: eliminating annual spending limits per customer. But itís unclear how much more customers will pay because of the variety of plans and the complexity of other factors, such as a personís age.
The same is happening across the country. Just yesterday, the California Department of Insurance approved Aetna's requested rate hikes out here.
Aetna, Inc. has gotten the green light to raise premiums, making it the last of California's four major insurers to be cleared for rate hikes by state regulators.
The President has repeatedly criticized insurance rate hikes as a response to ObamaCare coverage mandates, but that's because he believes in unicorns and money trees and other shit that don't exist. Quite simply, ObamaCare made the business of providing health care by means of health insurance more expensive. As a result, it's going to cost more.
Here were the President's promises in the week before the law passed:
"You'll be able to buy in, or a small business will be able to buy into this pool," Mr. Obama said. "And that will lower rates, it's estimated, by up to 14 to 20 percent over what you're currently getting. That's money out of pocket."
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