The main reason insurers offer is that the policies fall short of what the Affordable Care Act requires starting Jan. 1. Most are ending policies sold after the law passed in March 2010. At least a few are cancelling plans sold to people with pre-existing medical conditions.
Health insurance experts say new prices will vary and much depends on where a person lives, their age and the type of policy they decide to buy. Some, including young people and those with skimpy or high-deductible plans, may see an increase. Others, including those with health problems or who buy coverage with higher deductibles than they have now, may see lower premiums.
Blue Shield of California sent roughly 119,000 cancellation notices out in mid-September, about 60 percent of its individual business. About two-thirds of those policyholders will see rate increases in their new policies, said spokesman Steve Shivinsky.
“The arithmetic is inescapable,” said Patrick Johnston, chief executive officer of the California Association of Health Plans. Costs must be spread, so while some consumers will see their premiums drop, others will pay more — “no matter what people in Washington say.”
The people in Washington say that I should pay less because of my pre-existing conditions and my children – and yours – should pay to subsidize me. Does that sound fair to you?
If you missed it in this weekend’s paper, the WSJ has an interview with retired billionaire Stanley Drukenmiller, who’s been touring college campuses explaining to the kids how they’re being ripped off by Stanley’s (my) generation. Even before the ObamaCare fiasco, he was getting the attention of young Obama voters – imagine his reception a these new insurance rules kick in and the rip off is shoved right under their noses.