Obamacare insurers seeking 30% increases for 2018 premiums

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Last week, the GOP failed to pass any kind of legislation to repeal and replace Obamacare.  As a result, the American people will literally pay the price. If you have insurance, get ready to dip deep into your pocket.

According to new federal data, some of the top name health insurance providers in a number of states are seeking increases as high as 30% or more for premiums on 2018 Obamacare plans.

The data was gathered from preliminary rate requests published Tuesday by the U.S. Department of Health and Human Services.

Insurance companies in Iowa, Idaho, South Carolina, West Virginia  and Wyoming are looking to pump up the price of premiums by averages close to 30% or more, and insurers in New Mexico, Tennessee, North Dakota and Hawaii are looking to lift rates by an average of 20% or more.

Even the lowest requests for rate increases will hurt the average consumer. Health Care Service Corp., a huge insurance provider in multiple states, filed for average increases including 8.3% in Oklahoma, 23.6% in Texas, and 16% in Illinois.

Health insurers are pressed for time.  They have until the mid-August deadline for completing their rates.  They then have until late September to sign federal agreements to offer plans in 2018.

According to the Wall Street Journal, some insurers are warning that the figures revealed by the U.S. Department of Health and Human Services may not reflect their up-to-date thinking.  Meaning, the price increases could go higher.

“Together the filings show the uncertainty in the health-insurance marketplaces as insurers around the U.S. try to make decisions about rates and participation for next year amid open questions about changes that could come from the Trump administration and Congress.” – Wall Street Journal.

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