Isn’t it great that the Democrats voted for, and President Obama signed, the dreaded Obamacare before they knew what was in it? It seems like every day we find out more about how horrible it is – the medical device tax that’s putting people out of work, the surcharge for the uninsured, employers reducing workers hours, physician shortages, to name just a few. Now the CEO of Aetna, one of the biggest health insurers in the US, is predicting that some of our premiums could double once the law is fully implemented.
Health insurance premiums may as much as double for some small businesses and individual buyers in the U.S. when the Affordable Care Act’s major provisions start in 2014, Aetna Inc. (AET)’s chief executive officer said.
While subsidies in the law will shield some people, other consumers who make too much for assistance are in for “premium rate shock,” Mark Bertolini, who runs the third-biggest U.S. health-insurance company, told analysts yesterday at a conference in New York. The prospect has spurred discussion of having Congress delay or phase in parts of the law, he said.
“We’ve shared it all with the people in Washington and I think it’s a big concern,” the CEO said. “We’re going to see some markets go up as much as as 100 percent.” (Read More)
Premiums are already rising and just today it was reported that BC/BS in California wants to raise premiums by up to 20%, and things are just barely getting started. Just wait, it’s going to get much worse. This was all by design, of course. The law was written so the worst aspects wouldn’t come to light until after the last election. Not that many of us weren’t warning people of what was to come.