Despite the President’s Promises to Lower Costs, Health Care Law to Cause Rate Shock for Millions of Americans from Recent College Grads to Older Adults
WASHINGTON, DC – On the heels of President Obama’s public declarations last Friday that there was no evidence that the massive new health care law is increasing premiums, the Energy and Commerce Committee this week released a report entitled “The Looming Premium Rate Shock.” The report chronicles internal analyses provided by 17 of the nation’s largest health insurance companies that confirm the new health care law’s policies, mandates, taxes, and fees will cause major premium increases for consumers in the individual, small group, and large group markets.
The Energy and Commerce Committee today released a new video highlighting the coming Obamacare rate shock. A leading insurance company that insures millions of Americans predicts premiums will nearly double for individuals getting a new plan, while those keeping their insurance will see an average increase of 73 percent, and some individuals could see an increase of as much as 413 percent. These figures forecast looming hardships when the law fully takes effect January 1, 2014.
The Subcommittee on Oversight and Investigations has scheduled a hearing on May 20 to continue this examination of the law’s impact on insurance premiums and the ramifications these increases will have on consumers, job creators, and providers.