Despite Obama Administration protestations that consumers won’t be hit hard by hikes in health insurance premiums, in states where regulators have approved higher rates, the rates will soar in 2017.
Although over 9 million Americans received subsidies to help pay premiums, according to Department of Health and Human Services Secretary Sylvia Mathews Burwell, and 2.5 million more consumers may qualify for financial assistance if they buy plans on the exchanges, almost 10 million Americans who bought plans sold in the individual market and don’t qualify for a subsidy will be hurt badly.
Here are thirteen states where the rates will soar over 10%, and their percentages:
New York: 20%
Vermont’s rates will rise 5.5%.
Independent analyst Charles Gaba found Insurance companies offering coverage on the individual market requested a 24 percent average increase in premiums for 2017.