ObamaCare could cause insurance premiums to skyrocket in Wisconsin
Individuals looking to purchase health insurance coverage on the ObamaCare exchange in Wisconsin could in for premium shock, seeing rates up to 125% more than what they would have paid otherwise, according to a report from the Green Bay-based WLUK:
Half a million Wisconsinites will soon have to open up their pocketbooks for health care coverage, and new estimates show it may be costly.
The state’s Office of the Commissioner of Insurance released estimates of how premium rates for individuals will change under the Affordable Care Act, or ACA. Those reflect increases from 10% on the low end to as much as 125%.
And with the requirement for individuals to have insurance set to start in less than a month, the law remains controversial.
Starting Oct. 1, 500,000 Wisconsinites will have to shop for health insurance under the Affordable Care Act and according to the state’s Office of the Commissioner of Insurance, there will be drastic premium increases as a result.
The office compiled data from eight cities for $2,000 deductible plans for three different age groups. The study did not include the numbers of actual estimated costs, only percentages. But as an example, the study found: in Appleton a 21-year-old’s cost would increase 54%, a 40-year-old’s about 37% and a 63-year-old’s about 32%.
Young people who purchase coverage on the exchange will get hit the hardest under ObamaCare, largely because they’re picking up the costs for those who are high-risk or elderly. It’s on this group that the success of ObamaCare largely depends, though they may be convinced to just pay the individual mandate tax rather than purchase a costly insurance plan.
Now, it’s true that subsidies will be available to many of those who purchase insurance coverage on the exchange. But insurance regulators in the Badger State say that insurance premiums will still increase for most, leaving taxpayers to foot part of the extraordinarily high costs ObamaCare is causing.
H/T: The Weekly Standard