As Obamacare Repeal Fails, State Implements Record High Premium Increase

The people of New Mexico are looking at a major increase in the cost of healthcare, due to rising premiums under Obamacare. How will the Senators who blocked Obamacare repeal explain this to their constituents?

The Washington Free Beacon reports:

Health Insurers in New Mexico To Implement Record-High Premium Increases

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Health insurers in New Mexico are increasing premiums at the highest rate seen in the four-year history of the state’s exchanges, the Albuquerque Journal reported.

Insurers will increase premiums next year from a range of 36 to 41 percent for midlevel insurance plans. For all plans, premiums are expected to rise a range of 17 to 49 percent.

Sixty percent of consumers in New Mexico will qualify for subsidies to lower the cost of the increasing premium.

“I feel sorry for the other 40 percent though,” said John Franchini, the state’s insurance superintendent. “Forty percent have to pay the full brunt of the rate increases.”

Franchini says that instability of the exchanges is the main reason insurers want premium rate increases. By raising premiums, insurers can be more confident about participating in Obamacare if the extra cash can insulate them from major financial losses.

The American people need an alternative to Obamacare and fast. Congress needs to get its act together, especially the Republicans who were sent to Washington to deal with this.

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