2018 Obamacare Premiums Surge 45% In Key Swing State Of Florida

Wednesday, September 27, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Sep 27, 2017

As Congress continues to debate whether or not Obamacare is “working,” folks in the key swing state of Florida just found out that their insurance premiums for 2018 are going to surge by 45% in a single year. Per the Miami Herald:

Health insurers selling Affordable Care Act plans in Florida will raise monthly premiums by nearly 45 percent on average next year, the state’s Office of Insurance Regulation said Tuesday.

Florida regulators said most of the average rate hike — 31 percentage points — came from standard plans sold on the ACA exchange at healthcare.gov. Insurers raised rates for those plans due to the political uncertainty that has plagued the healthcare debate, specifically whether the Trump administration will stop paying subsidies that lower out-of-pocket costs for low-income Americans.

Of the 1.43 million Floridians with an ACA plan in 2017, about three in four, or more than 1 million people, received a cost sharing reduction, according to federal estimates. Nine in 10 Floridians, or about 1.33 million received a separate subsidy that reduced their monthly rate, called the advance premium tax credit.

Most Floridians with a standard ACA plan and a premium subsidy won’t see their monthly costs rise, and some may even pay less than they did the prior year. But the brunt of the 2018 rate hikes will fall squarely on the 7 percent of Floridians, about 66,000 people statewide, who earn too much to qualify for any financial aid to lower their costs of coverage.

To put that surge into perspective, the average healthcare plan in Florida will now cost roughly $8,000 per year to cover a single person, a $2,500 increase YoY. Meanwhile, that implies that the average cost of covering a family of 4 is well over $1,500 per month ($18,000 per year), making it easily the second largest expense for most family budgets and in many cases the largest. Needless to say, most American families aren’t prepared for their largest expenses to surge 45% in a single year.

The Rest…HERE

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