Hard Evidence That Health Premiums Will Skyrocket

Posted by - Friday, February 1st, 2013

If you read between the lines of Obama's new health-care mandates, things aren't looking as great as they may have initially sounded to Americans who were pro-Obamacare during the election campaign.

Insurers are growing increasingly concerned about the mandates and “the viability of the whole individual market going forward.”

The health-care industry is one of the most highly regulated industries in our nation – one that is extremely dependent on lawmakers and their decisions.

With the constant law changes regarding health care, the overwhelming regulatory uncertainty have coerced health insurance companies to take some drastic measures.

Many companies are dropping or shortening rate guarantees so that they can adjust premiums “as needed.” A lot of private insurers have stopped guaranteeing an individual's premium cost for a year and are going on a month-to-month basis now.

And I bet you can guess which direction premiums are going each month...

From Merrill Matthews at Forbes:

As one health insurance broker told me, “Any health insurance actuary would be fired for trying to set a premium for a whole year because no one knows how much it’s going to cost.”
Why the uncertainty? Because Democrats crafting ObamaCare ignored virtually every actuarial principle. ObamaCare requires insurers to accept anyone who applies; they can’t charge more for major medical conditions; and they require insurance to cover lots of things that many people wouldn’t choose for themselves.

From 2009-2012, premiums have gone up rather steeply. The average family with an employer-provided plan now pays approximately $2,370 a year for health insurance premiums. 

Several experts predict health insurance premiums will double for some people in the very near future. And it sounds like the sky's the limit for these premium-surges in the long-term future....

Everyone in America is pretty confused about what's going on with health-care these days, especially those experiencing a myriad of other economic hardships.

Times are tough and it sounds like it's going to get a little tougher...

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