Thursday, May 29, 2014

Higher premiums coming to Ohioans using Obamacare federal exchange

The Ohio Department of Insurance is reporting that Ohioans who purchase health care through the federal exchange will see premium increases in 2015.

Individuals can expect a 13 percent increase and small businesses can expect an 11 percent increase for health plans sold on the exchanges under the Affordable Care Act (ACA) also known as Obamacare.

The average premium from the 16 companies who filed to sell plans in the individual market is $374.42 per month compared to $332.58 per month for the same coverage in 2014.

In the small group market, 8 companies filing to sell plans proposed average premiums of $446.78 compared to $401.99 in 2014.

“It’s bad news, no doubt, but it’s what we expected and it’s what the research we did in advance predicted would happen. Ohio has traditionally had a very competitive insurance market which meant our rates were lower than a lot of other states. That means that Obamacare is hitting us harder and driving our costs up significantly,” Lieutenant Governor Mary Taylor said in a press release. “Higher premiums will continue to put a strain on consumers and small businesses at a time when our state’s economy is showing strong signs of recovery and growth. Continued and unnecessary headwinds out of Washington are making it more difficult for job creators, hard-working Ohioans and their families to purchase health insurance.”

In 2010, the federal Patient Protection and Affordable Care Act (ACA) became law. It included the creation of health care exchanges in which individuals and small business owners in every state can purchase qualified coverage. The federal government launched open enrollment in October 2013.

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