Tuesday, June 22, 2010

In February Obama Threatened Health Insurers With Rate Controls: Insurance Companies Double-Down By Raising Rates 20%

Last February, President Obama proposed new controls to limit rate increases by health insurance companies. How have insurers reacted? They have doubled-down on Obama by raising private policies an average of 20%.

The average premium hike insurers imposed was 20%, and while the majority of people paid whatever was asked to stay insured, some chose to “buy down” and switch to a cheaper plan or a different carrier entirely. That brought the average rate increase that people actually paid down to 13%.

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