Another day, another ObamaCare fail. The latest is taking place in New Mexico where the health insurance carriers still remaining on the state’s ObamaCare exchange have requested an 80% premium hike. Eighty percent!
The News & Observer reports:
All four health insurance providers on New Mexico’s state-run exchange have submitted rate proposals for the coming year, despite uncertainty about key federal subsidies.
New Mexico Health Connections CEO Martin Hickey said Thursday his cooperative is proposing a nearly 80 percent premium increase for individuals. The proposal may be lowered in July.
Health Widler of the Office of the Superintendent of Insurance says detailed descriptions of proposed rate increases will be made public later this month.
Insurance providers have been left to guess whether the federal government will continue to pay subsidies for out-of-pocket expenses such as copayments and deductibles for lower-income patients. Requirements that taxpayers maintain coverage or pay a penalty also are in limbo.
Hickey says young, healthy consumers increasingly are leaving the New Mexico exchange.
Speaking last month, House Speaker Paul Ryan (R-WI) noted that while Obama had promised that most American families would save $2,500 per year in premiums, the opposite has proven true.
Ryan also seized on new government data suggesting that the widely reported premium increases under Obamacare are worse than people realized.
“Since Obamacare went into effect, average premiums have more than doubled nationwide,” he said. “Remember when President [Barack] Obama promised that his health care plan would lower the typical family’s premiums by up to $2,500?”
Instead, Ryan said, those premiums have increased by almost $3,000.