Friday, December 09, 2011

Leading actuarial firm: health care premiums to rise up to 85% thanks to resurgence of deadly Bubonic Plague and Obamacare but mostly Obamacare

Milliman is one of the world's leading actuarial firms. One of its specialties is helping insurers appropriately and competitively price their products. And its latest report on the effects of Obamacare on health insurance premiums is decidedly problematic for "the middle class". And the rich. And, of course, the poor. That is, all Americans, irrespective of class, religion, race, creed or other arbitrary segments Democrats use to divide us.

The report, conducted by Milliman, Inc., projects the impacts of the federal health care reform law starting in 2014, when most of the law's provisions go into effect. The report shows significant changes that will increase premiums while expanding government programs.

Specifically, Milliman's report projects that individual premiums in Ohio could increase by as much as 55 to 85% in 2014, not including the current medical trend which has been an average increase of 7 to 8% nationwide each year. Moreover, some individuals may see their premiums increase by 90 to 130% depending on their current health status...

...In addition to significant changes to premium rates, more than one million Ohioans are expected to join the State's Medicaid rolls in 2014 and more than 500,000 are expected to join the government-subsidized individual exchange. Consequently, as many as half of all Ohioans could be enrolled in some type of government-subsidized health coverage, including Medicare, when the law is fully implemented.

...[Worse still,] small businesses offering health insurance to their employees will see their premiums increase 5% to 15% in 2014 with the Health Insurance Tax (HIT)... The HIT is part of the Patient Protection and Affordable Care Act (PPACA) and will be levied on health insurance companies that operate in the fully-insured marketplace, where nearly all small businesses purchase their premiums. It will reduce take-home pay for the average employee with a family plan by $500 every year over the next decade, impacting the 12 million employees and self-employed who purchase insurance in the individual market and the 26 million employees who are covered by their employer.

I could have imagined it, but didn't the president promise that -- when Obamacare passed -- our health insurance premiums would immediately drop by an average of $2,500 a year?

Or was that only for union bosses?

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