Obamacare Is Already Forcing Private Insurers To Lower Their Premiums
So where exactly this is happening? Oregon to be exact.
Thinkprogress.org recently posted an article explaining how Obamacare is “more on track” than “train wreck”. With the recent public reveal of a side-by-side regional comparison of all proposed 2014 premiums for Oregon marketplace, it portrayed insurers’ planned monthly premiums were far higher than other proposals. For many, that raised fears among the companies’ officials that their plans wouldn’t be competitive on the market later this year, leading them to proactively request a rate reduction. A Family Care Health Plans official this past Thursday said the insurer will ask the state for even greater decrease in requested rates. Although some insurers have been using Obamacare as an excuse to hike premiums despite record profits, such rate hikes have been more rare and less extreme since the law’s passage:
“Consumers will have even more detailed information about marketplace plans, including the ability to compare — not just rates — but actual benefits offered on the plans side-by-side…Americans will be able to go online and figure out whether a plan costs more because it actually provides more robust benefits, or because an insurance company is just trying to gouge prices and maximize profits.”
With all this information available to everyone, the public will be able to see the comparison between how much they would be spending or how much companies will be charging. With 24 million Americans expected to gain coverage through the marketplaces by 2016, this can be a highly beneficial key to lowing these costs.
Original Article and Credit: http://thinkprogress.org/health/2013/05/10/1994331/obamacare-forcing-insurers-lower-premiums/?mobile=nc