The Ohio Department of Insurance announced their prediction that healthcare premiums will rise by 88 percent in 2014. The rate increase is a direct result of President Obama’s Patient Protection and Affordable Care Act (Obamacare).
The average cost of health insurance premiums for Ohio resident is expected to increase to $420 per person, “representing an increase of 88 percent” compared to 2013, the department reported.
A total of 14 companies filed proposed rates for 214 different plans to the Department. Projected costs from the companies for providing coverage for the required essential health benefits ranged from $282.51 to $577.40 for individual health insurance plans.
It is still to early to know if these rate increases will impact Medicare Advantage plans for Ohio seniors. Increasingly popular with Medicare beneficiaries, Medicare Advantage enrollment is up nearly 10 percent from 2012.
“We have warned of these increases,” said Lt. Gov. Mary Taylor, in a statement reported by Forbes. “Consumers will have fewer choices and pay much higher premiums for their health insurance starting in 2014.”
Meanwhile, it seems Federal employees and lawmakers on both sides of the isle can’t abide being forced into the health care exchanges they created for the rest of us. According to a Politico report published today, Capitol Hill staffers are heading for the exits.
Leave it to President Obama to figure out the most clever way of all to get Federal employees to voluntarily leave their jobs. Kudos to you, Mr. President.