A new report released by the House Energy and Commerce Committee reveals Obamacare will increase health insurance premiums by an average of nearly 100 percent. Some premiums could rise by 400 percent.
The committee cited internal documents from some of the nation’s largest health insurance companies.
“The average yearly cost for a new customer in the individual market grows from $1,896 to $3,708—a $1,812 cost increase,” according to the report.
Affordability. It was a central premise – and promise – of the Patient Protection and Affordable Care Act (PPACA) when the law was debated in Congress throughout 2009 and signed into law on March 23, 2010. In his remarks that day, President Barack Obama stated: ‘This legislation will also lower costs for families and businesses…’ Over three years later, the White House continues to state that the PPACA will lower costs. [...]
The … report chronicles the massive premium increases awaiting Americans when full implementation of the PPACA occurs in eight months, definitively contradicting the promise that the law will lower costs. As this report demonstrates, consumers purchasing health insurance on the individual market may face premium increases of nearly 100 percent on average, with potential highs eclipsing 400 percent. Meanwhile, small businesses can expect average premium increases in the small group market of up to 50 percent, with potential highs over 100 percent.