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%.