October 27, 2015– Insurance premiums across the country are about to skyrocket yet again thanks to President Obama’s Affordable Care Act, more commonly known as Obamacare.
Former Tennessee Medical Association board member and current Emergency department director Dr. Omar Hamada says that he expects Obamacare will force insurance premiums to continue climbing for the foreseeable future.
“I see no end in sight for increasing insurance costs as long as Obamacare is the law of the land. Since becoming law, Obamacare has forced costs to skyrocket every single year,” said Hamada. “In Tennessee, the Obamacare co-op is shutting down because costs were catastrophically high and insurance premiums will climb again in 2016.”
Hamada says that Tennessee’s 2016 insurance rate hike is one of the highest in the nation.
“In 2014, Tennessee’s benchmark plan was $188 a month. In 2016, the plan will cost at least $250,” said Hamada. “By 2017, I expect the plan will be nearly $300. On average, premiums will cost at least 23 percent more in 2016.”
In Utah, those who buy healthcare insurance through brokers or the HealthCare.gov Obamacare exchange will see rate hikes up to 44 percent. The price of an average insurance plan for a 21-year-old will go up 13 percent to nearly $165 per month in urban Salt Lake County. Meanwhile, a 21-year-old living in rural Rich County will see a substantial 44 percent price hike to nearly $228 per month.
Oklahoma will see a 35.7 percent increase; Montana will have a 34.5 percent increase; Alaska will have a 31.5 percent increase; New Mexico will have a 25.8 percent increase; and South Dakota will have a 24.7 percent increase.
For the first time since becoming law, the Obama administration publicly acknowledged that those purchasing health insurance will be paying more to do so during Monday’s announcement.