Post Date October 19, 2013 – It has been said that the Affordable Care Act popularly known as Obama Care will provide an affordable coverage through the health insurance exchange. The health insurance exchange program will make health insurance premiums to increase to almost 50 percent more than what some are paying today.
Health Insurance Exchange is no bargain…..
The sad truth is individuals who will be buying health insurance through many of the Federal government’s health insurance exchange programs next year will have to pay an average of 41 percent more than they have paid for Health Insurance in the previous year. The State of Ohio has long been considered a very competitive for health insurance, auto insurance and Homeowners Insurance. Lieutenant Governor Mary Taylor said that the level of diversity which had made health insurance prices in the state to be low has been outlawed by the Affordable Care Act. Ohio’s health insurance rates and premiums are soaring higher, and even going higher than other states that have long had pricey health insurance rates. The expected 41 percent increase on individual health insurance exchange plans Is based on the premium comparison reports from Ohio insurance companies in 2012. The ODI also said that aside from individual exchange plans, exchange plans for small businesses will also suffer an increase of 18 percent in average. According to the ODI, the current premiums in the individual market have an average cost of $239.29 per month. This is expected to increase to $332.58 next year. For small businesses, the current average premium is $341.03 per month but may become $401.99 next year. The reason for this increase is the cost of providing health insurance (or claims) that the Health Insurance exchange will face. Accordingly, based on the rate filings approved by the ODI, the average cost in providing coverage for individuals next year under the new Health Insurance exchange will be $409. The current cost of providing health insurance coverage today in Ohio is only at $223.