Democratic Leader Doubles Down on Effort to Protect Corporate Interests As Millions of Americans Left Vulnerable to Looming Rate Shock
WASHINGTON, DC – House Minority Leader Nancy Pelosi today doubled down on the administration’s efforts to give corporate interests a one year reprieve from Obamacare’s onerous mandates while leaving millions of Americans vulnerable to suffer the law’s uncertainty and looming rate shock. According to The Washington Times, Pelosi declared that there should not be a delay for individuals. Various studies and analyses have reveled that millions of Americans will see their health premiums skyrocket next year. House Speaker John Boehner announced today that the House will vote next week to delay both the employer mandate and the individual mandate.
“Next week, the House will stand up for millions of average folks – those young adults, single moms, and older Americans who can’t afford the health law’s looming rate shock,” said Energy and Commerce Committee Chairman Fred Upton (R-MI). “It is only fair that the many Americans left out to dry receive the same relief in the People’s House that the administration gave to its corporate interests behind closed doors.”
In May, the Energy and Commerce Committee released the report “The Looming Premium Rate Shock” which chronicled internal analyses provided by 17 of the nation’s largest health insurance companies. One 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 increases over 400 percent. The average yearly cost for a new customer in the individual market grows from $1,896 to $3,708 -- a $1,812 cost increase.
In July, an analysis conducted by the Wall Street Journal revealed similar findings that healthy individuals could see their rates double or triple. Various states are also predicting higher costs for individuals. The Ohio Department of Insurance recently predicted premiums are going to jump 88 percent in the individual market from $233 per month to $420.