thegrover wrote:
From NBC news
The cost to a 40-year-old who needs coverage would vary from about $40 to $300 per month for a mid-level plan in California, depending on income. Some young adults, who are less expensive to cover, could pay nothing, depending on how much they earn.
Actually here is an article from Forbes that will clear thing up for you. I actually live in this dump of a state and have already felt the rate hikes resulting simply from the passage of this legislation that had to be passed before our representatives could read it. One hell of a way to write law.
I recommend you go to the attached link and read it all, I just wanted to give you a taste of my reality.
The prices in California, along with those announced in Washington, Vermont and other states, show that premiums under "Obamacare" can be more affordable than had previously been thought. Consumer advocates welcomed the new exchange.
From NBC news br The cost to a 40-year-old who ne... (
show quote)
"Last week, the state of California claimed that its version of Obamacares health insurance exchange would actually reduce premiums. These rates are way below the worst-case gloom-and-doom scenarios we have heard, boasted Peter Lee, executive director of the California exchange. But the data that Lee released tells a different story: Obamacare, in fact, will increase individual-market premiums in California by as much as 146 percent.
One of the most serious flaws with Obamacare is that its blizzard of regulations and mandates drives up the cost of insurance for people who buy it on their own.
Heres what happened. Last week, Covered Californiathe name for the states Obamacare-compatible insurance exchangereleased the rates that Californians will have to pay to enroll in the exchange.
The rates submitted to Covered California for the 2014 individual market, the state said in a press release, ranged from two percent above to 29 percent below the 2013 average premium for small employer plans in Californias most populous regions.
Thats the sentence that led to all of the triumphant commentary from the left. This is a home run for consumers in every region of California, exulted Peter Lee.
Except that Lee was making a misleading comparison. He was comparing applesthe plans that Californians buy today for themselves in a robust individual marketand orangesthe highly regulated plans that small employers purchase for their workers as a group. The difference is critical. Obamacare to double individual-market premiums
If youre a 25 year old non-smoker, buying insurance for yourself, the cheapest plan on Obamacares exchanges is the catastrophic plan, which costs an average of $184 a month. (By average, I mean the median monthly premium across Californias 19 insurance rating regions.)
The next cheapest plan, the bronze comprehensive plan, costs $205 a month. But in 2013, on eHealthInsurance.com (NASDAQ:EHTH), the median cost of the five cheapest plans was only $92.
In other words, for the typical 25-year-old non-smoking Californian, Obamacare will drive premiums up by between 100 and 123 percent.
Under Obamacare, only people under the age of 30 can participate in the slightly cheaper catastrophic plan. So if youre 40, your cheapest option is the bronze plan. In California, the median price of a bronze plan for a 40-year-old male non-smoker will be $261.
But on eHealthInsurance, the median cost of the five cheapest plans was $121. That is, Obamacare will increase individual-market premiums by an average of 116 percent.
For both 25-year-olds and 40-year-olds, then, Californians under Obamacare who buy insurance for themselves will see their insurance premiums double."
http://www.forbes.com/sites/theapothecary/2013/05/30/rate-shock-in-california-obamacare-to-increase-individual-insurance-premiums-by-64-146/